Procedure for Advances Clause Samples

Procedure for Advances. (a) Subject to the limitations set forth in Section 2.01(b), the Borrower may request an Advance from the Lenders by delivering at the specified times the information and documents set forth in this Section 2.02. (b) No later than 2:00 p.m. at least one (1) Business Day and not more than five (5) Business Days prior to the proposed Advance Date, the Borrower shall, or shall cause the Collateral Manager to, deliver: (i) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian) written notice of such proposed Advance Date (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof); (ii) to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered; and (iii) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian) a duly completed Notice of Borrowing which shall (A) specify the desired amount of such Advance, which amount must be at least equal to $500,000 (or, with respect to any Delayed Draw Loan, the amount of the draw request made by the applicable Obligor), to be allocated to each Lender in accordance with its Pro Rata Share, (B) specify the proposed Advance Date for such Advance, (C) specify the Loan(s), if any, to be financed on such Advance Date (including the appropriate file number, a description of the Obligor, original loan balance, Outstanding Balance, Assigned Value and Purchase Price for each Loan and identifying each Loan by type and proposed Applicable Percentage applicable to each such Loan), (D) with respect to any Delayed Draw Loan, include the Unfunded Exposure Amount with respect to such Loan and the draw request made by the applicable Obligor and (E) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Notice of Borrowing shall be irrevocable. If any Notice of Borrowing is received by the Administrative Agent after 2:00 p.m. on the Business Day prior to the Business Day for which such Advance is requested or on a day that is not a Business Day, such Notice of Borrowing shall be deemed to be received by the Administrative Agent at 9:00 a.m. on the next Business Day. (c) On the proposed Advance Date, subject to the limitations set forth in Section 2.01(b) and upon satisfaction of the applicable conditions set forth in A...

Procedure for Advances. (a) Each Advance shall be made pursuant to (i) a Draw Request with respect to Construction Project Loans, and (ii) an Application and Certificate for Payment with respect to Development Project Loans, which shall be submitted by Borrower to Lender and to the Inspecting Architect. With respect to each Development Project, Borrower shall not submit more than one (1) Application and Certificate for Payment during any thirty (30) day period. With respect to Construction Projects, Borrower shall be entitled to make unlimited Draw Requests during any thirty (30) day period. (b) Borrower shall deliver to Lender an updated Borrowing Base Certificate on the first (1st) day of each month. Borrower shall also deliver to Lender a revised Borrowing Base Certificate with each request for an Advance with respect to each Construction Project Loan. (c) On each Advance Date, if all the terms and conditions of this Agreement have been complied with by Borrower to the satisfaction of Lender, if no default or event of default exists hereunder, and if Lender has approved (i) each Draw Request for each Construction Project for which Borrower has submitted a Draw Request, and (ii) each Application and Certificate for Payment for each Development Project for which Borrower has submitted an Application and Certificate for Payment, Lender shall advance to Borrower the principal amount of each requested Advance by wire transfer of funds for the amount set forth in the applicable Draw Request or Application and Certificate of Payment (less any required retainage, which retainage shall not be deemed to be advanced hereunder and shall not bear interest until actually advanced, and less any amounts so advanced by Lender to itself). All Advances actually so made shall be deemed to be loans to Borrower, shall reduce the available amount of the Revolving Loan and of the Project Loan for the related Project (if any), and shall bear interest at the rates provided herein from the date so advanced. (d) Lender may take such steps as it may deem appropriate, at its option, to verify the application of Project Loan proceeds to Costs of the related Project, and to vary the advancement procedures herein set forth if the same becomes necessary or desirable to assure the proper application of Project Loan proceeds and/or to preserve the first lien status of the Mortgage covering the Project with respect to Advances made pursuant hereto including, but not limited to, making Advances directly to the Gen...

Procedure for Advances. (a) During the Reinvestment Period, the Lenders will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the provisions of Article III hereof. (b) The Borrower shall request an Advance by delivering irrevocable written notice in the form of a Notice of Borrowing, in which the Borrower shall specify whether the Advance shall be a LIBOR Advance or a Base Rate Advance. For each LIBOR Advance, the Borrower shall deliver a Notice of Borrowing to the Administrative Agent and each Lender (with a copy to the Collateral Custodian and the Account Bank) no later than 1:00 p.m. at least three Business Days before the Business Day on which the LIBOR Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. For each Base Rate Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing to the Administrative Agent and each Lender no later than 1:00 p.m. one Business Day prior to the Business Day on which such Base Rate Advance is to be made; provided that if such Notice of Borrowing is delivered later than 1:00 p.m. on such Business Day, such Notice of Borrowing shall be deemed to have been received on the following Business Day. The Borrower or the Servicer shall post all Loan Agreements and other loan documents and information with respect to each proposed Eligible Loan Asset, if any, to a Deal Interactive (or other replacement) website to which the Administrative Agent and each Lender has access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof), and shall specify: (i) the aggregate amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Borrowing Base; provided that, except with respect to an Advance pursuant to Section 2.02(f), the amount of such Advance must be at least equal to $500,000; (ii) the proposed Advance Date and whether such Advance will be a LIBOR Advance or a Base Rate Advance; (iii) a representation that all conditions precedent for an Advance described in Article III hereof have been satisfied; (iv) the amount of cash that will be funded by ...

Procedure for Advances. Unless Borrower has previously entered into a separate auto borrow or similar cash management service with Lender, Borrower may request Advances by telephone through its employees or agents, as hereinafter provided. Each Advance request must be received by Lender not later than 1:00 p.m. (Eastern Standard time) on the date the Advance is to be made and must specify the amount of the Advance. Lender shall deposit the Advance into Borrower’s Operating Account if Borrower is entitled to the Advance, subject to the terms and conditions of this Agreement. If Borrower has entered into a separate auto borrow or similar cash management service with Lender, then the provisions of such service shall control with respect to the procedures for making Advances to Borrower. Lender shall have the right to terminate such auto borrow or similar cash management service at any time, as determined by Lender in its sole and absolute discretion.

Procedure for Advances. (a) The Borrower shall request an Advance by delivery of a Notice of Borrowing to the Administrative Agent, with a copy to the Calculation Agent for, Advances in U.S. Dollars, (i) with respect to LIBORBenchmark Loans and Base Rate Loans, no later than 2:001:00 p.m. two (2) Business Days prior to the proposed date of such Advance (or such shorter period of time agreed to by the Initial Lender in connection with the Initial Advance, or by the Lenders in their sole discretion in connection with any other Advance) and (ii) with respect to Base Rate Loans, no later than 2:00 p.m. one Business Day prior to the proposed date of such Advance (or such shorter period of time agreed to by the Initial Lender in connection with the Initial Advance, or by the Lenders in their sole discretion in connection with any other Advance); provided that at no time shall Advances Outstanding made upon notice set forth in this clause (ii) exceed 15% of the Maximum Facility Amount. Each Notice of Borrowing must be accompanied by a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof) and specify: (i) the amount of such Advance, which must be at least equal to $500,000 and the Advance will be funded in U.S. Dollars; (ii) the proposed date of such Advance (which must be a Business Day); (iii) with respect to any Advance other than the Initial Advance, the purpose for which the proceeds of such Advance are to be used, as permitted by this Agreement; (iv) if the proceeds of such Advance are to be used to fund a Delayed Draw, the amount of such Delayed Draw and the Delayed Draw Portfolio Asset to which it applies; (v) if the proceeds of such Advance are to be used in connection with the Transfer of a Portfolio Asset (A) a description of such Portfolio Asset and, (B) whether such Portfolio Asset is a Delayed Draw Portfolio Asset, and whether it is a Senior Loan, a Junior Loan or an Asset‐Based Loan, (B) if such Portfolio Asset is a Delayed Draw Portfolio Asset, the maximum amount of Delayed Draws to be made thereunder after the Cut‐Off Date therefor, (C) thatwhether such Portfolio Asset is an Eligible Portfolio Asset, and if such Portfolio Asset is an Eligible Portfolio Asset, whether it is a Senior Loan, a Senior Note, a Junior Loan or an Asset Based Loan and (D) the amount of the fees and expenses of the Fund, Holdings and the Borrower, as applicable, with respect...

Procedure for Advances. By delivering a completed Advance Request to the Administrative Agent on or before 10:00 a.m., Cleveland time, on a Business Day, the Company may from time to time irrevocably request, on a same-day basis, that an Advance be made in a minimum amount of one million dollars ($1,000,000) and in integral multiples of one hundred thousand dollars ($100,000) above such minimum, or in the maximum unused or available amount of the Commitment. The Administrative Agent shall provide notice of such Advance Request to the Lenders, on or before 12:00 noon, Cleveland time, and before 3:00 p.m., Cleveland time, on such Business Day each Lender shall deposit with the Agent same day funds in an amount equal to such Lender's Pro Rata Percentage of the requested Advance. Such deposit will be made to an account which the Administrative Agent shall specify from time to time by notice to the Lenders. Subject to Section 8.03 of this Agreement, the Administrative Agent shall make an Advance available to the Borrowers by wire transfer of same-day funds to the accounts the Company shall have specified in its Advance Request. If an Advance Request is delivered to the Administrative Agent after 10:00 a.m., Cleveland time, then the Administrative Agent and the Lenders shall be obligated to fund such Advance on the next Business Day.

Procedure for Advances. Agent shall give Owner notice in accordance with Sections 4, 5, 6 and 7 hereof of its irrevocable request for an advance pursuant to this Agreement, specifying a Business Day on which such advance is to be made and the amount of the advance. Not later than 11:00 a.m. New York time on the date for the advance specified in such notice, provided that all conditions to that advance have been satisfied, Owner shall provide to Agent, or to such other party as may be designated by Agent, in immediately available funds, the amount of the advance then requested.

Procedure for Advances. Between the date hereof and the Termination Date, the Company may request an Advance hereunder by delivering to Sponsor a written or oral request for Advance (a "Request for Advance"). A Request for Advance may request that Sponsor make the Advance to the Company or directly to such third parties as the Request for Advance specifies. Any amounts Sponsor pays to third parties pursuant to such a direction in a Request for Advance will be deemed to be made on behalf of the Company and, to the extent those amounts constitute expenses, those amounts will constitute expenses of the Company for all purposes and the Company will be the owner of any and all benefits attributable to those expenses. Within five business days after Sponsor receives any Request for Advance from the Company, Sponsor will notify the Company in writing as to whether or not Sponsor will make the Advance requested thereby and the date by which Sponsor will make the Advance. Notwithstanding any provision hereof to the contrary, Sponsor may decline to make any Advance hereunder for any reason in its sole discretion.

Procedure for Advances. The Bank or the Company shall advance all Expenses incurred by the Indemnitee, other than amounts for which the Indemnitee becomes liable under a judgment, to the Indemnitee within 65 days following the delivery of a written request therefor by the Indemnitee to the Bank or the Company if the Disinterested Directors on the Board of Directors, if any, or if there are none, then the Board of Directors of the Bank or the Company has made a good faith determination that the Indemnitee ultimately may become entitled to indemnification hereunder or otherwise. The Indemnitee hereby undertakes to repay such amount advanced if, and only if and to the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Bank or the Company as authorized hereby.