Procedures for Advances Sample Clauses

Procedures for Advances. (a) On the terms and conditions hereinafter set forth, the Issuer may, by delivery of an Advance Request to the Initial Purchasers and the Trustee, from time to time, on any Business Day during the Funding Period, request that each Initial Purchaser make Advances to it in an amount which, at any time, shall not exceed its Percentage Interest of the Advance Availability in effect for the proposed Advance Date. (b) Each Advance Request shall be delivered not later than 1:00 P.M. (New York time) on the date which is three (3) Business Days prior to the requested Advance Date; provided, however, that the Issuer may revoke an Advance Request upon written notice to the Initial Purchasers delivered not later than 3:00 P.M. (New York time) on the Business Day prior to the requested Advance Date. (c) Each Advance Request shall contain the following information: (i) the proposed Advance Date; (ii) the amount of the requested Advance; (iii) the Advance Availability for such Advance Date; (iv) the amount of Principal Proceeds to be withdrawn from the Collection Account and deposited to the Principal Reinvestment Account on such Advance Date; (v) the Advance Account to which the Advance should be funded; and (vi) a certification that, as of the related Advance Date, the conditions set forth in Section 3.1 hereof have been satisfied. (d) Each Advance Request must be accompanied by (i) a Borrowing Base Certificate as of the Business Day before the Issuer’s delivery of such Advance Request (giving pro forma effect to the Advance requested and any Loans to be acquired on the proposed Advance Date) and (ii) an updated List of Loans (including any Loans to be acquired on such Advance Date). (e) On each Advance Date, upon the satisfaction of the applicable conditions set forth in this Section 2.2 and ARTICLE III hereof, the Initial Purchasers shall transfer to the Advance Account, an amount equal to the requested Advance. Each wire transfer of an Advance to the Issuer shall be initiated by the Initial Purchasers at the later of (i) 12:00 P.M. (New York time) on the applicable Advance Date and (ii) satisfaction of the conditions set forth in Section 3.1 hereof.

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (New York City, New York time) at least one Business Day prior to the proposed Funding Date; provided that no more than two Advances shall be made in any one calendar week without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000, (ii) specify the date of such Advance, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Rated Retained Security or Loan by type and whether such Loan is a Senior Loan, Senior B-Note Loan, Subordinated Loan, Acquired Loan, or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of an Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Advance to all of the Liquidity Banks concurrently specifying the date of such Advance, the aggregate amount of such Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Commitment). (b) On the date of each Advance, the applicable Purchasers shall upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day ...

Procedures for Advances. The following provisions shall govern certain aspects of any Advance that Borrower may request under this Agreement:

Procedures for Advances. (a) In the case of the making of any Advance, the repayment of any Advance, or any termination, increase or reduction of the Facility Amount and prepayments of Advances, the Borrower shall give the Administrative Agent a Borrower Notice. Each Borrower Notice shall specify the amount (subject to Section 2.1 hereof) of Advances to be borrowed or repaid and the Funding Date or repayment date (which, in all cases, shall be a Business Day) and whether such Advance is a Revolver Advance or a Swing Advance. (b) Subject to the conditions described in Section 2.1, the Borrower may request an Advance from the Lenders by delivering to the Administrative Agent at certain times the information and documents set forth in this Section 2.2. (c) No later than 12:00 noon (New York, New York time) five (5) Business Days prior to the proposed Funding Date for a Revolver Advance (or such shorter period of time or later date as may be agreed to by the Required Lenders), the Borrower shall notify (i) the Collateral Custodian by delivery to the Collateral Custodian of written notice of such proposed Funding Date, and (ii) the Administrative Agent by delivery to the Administrative Agent of a credit report and transaction summary for each Loan that is the subject of the proposed Advance setting forth the credit underwriting by the Originator of such Loan, including without limitation a description of the Obligor and the proposed loan transaction in the form of Exhibit M hereto; provided that, in the case of Advances funding Revolver Loans, the requirements of this Section 2.2(c) shall apply only with respect to the first Advance to be made with respect to each such Revolver Loan. By 5:00 p.m. (New York, New York time) on the next Business Day, the Administrative Agent shall use its best efforts to confirm to the Borrower the receipt of such items and whether it has reviewed such items and found them to be complete and in proper form. If the Administrative Agent makes a determination that the items are incomplete or not in proper form, it will communicate such determination to the Borrower. Failure by the Administrative Agent to respond to the Borrower by 5:00 p.m. (New York, New York time) on the day the related Funding Request is delivered by the Borrower shall constitute an implied determination that the items are incomplete or not in proper form. The Borrower will take such steps requested by the Administrative Agent to correct the problem(s). In the event of a delay in the actu...

Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to Administrative Agent a request for each advance, stating the amount requested and the expected purpose for which such advance is to be used, no later than 11:00 a.m. (New York time) on the date, in the case of advances of Base Rate Loans, which is the proposed date of such Base Rate Loan, and, in the case of advances of LIBOR Loans, which is three (3) Banking Days, prior to the date such advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.

Procedures for Advances. In the case of advances of Ratable Loans, Borrower shall submit to the Administrative Agent a request for each advance, stating the amount requested, and certifying the purpose for which such advance is to be used, no later than 10:00 a.m. (New York time) on the date three (3) Banking Days prior to the date the advance is to be made. In the case of advances of Bid Rate Loans, Borrower shall submit a Bid Rate Quote Request at the time specified in Section 2.02, accompanied by a certification of the purpose for which such advance is to be used. The Administrative Agent, upon its receipt and approval of the requisite documents for the advance, will so notify the Banks either by telephone or by facsimile. Not later than 10:00 a.m. (New York time) on the date of each advance, each Bank (in the case of Ratable Loans) or the applicable Bank(s) (in the case of Bid Rate Loans) shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it on such day available to the Administrative Agent, at the Administrative Agent's Office and in immediately available funds for the account of Borrower. The amount so received by the Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower, in immediately available funds, by the Administrative Agent's crediting an account of Borrower designated by Borrower and maintained with the Administrative Agent at the Administrative Agent's Office.

Procedures for Advances. (a) Each Advance hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 12:00 p.m. at least one (1) Business Day prior to the proposed Funding Date. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify the Loans to be financed on such Funding Date (including the appropriate file number; Outstanding Loan Balance for each Loan and identifying each Loan by Type of Loan and whether such Loan is a Senior Secured Loan or Subordinated Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. (b) On the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.2, an amount equal to its Pro-Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro-Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder.

Procedures for Advances. (a) With respect to each funding of an Advance, the Lessee, as Construction Agent, shall give the Lessor prior written notice not later than 10:00 a.m., New York City time, five (5) Business Days prior to the date of the proposed funding, pursuant to a Funding Request substantially in the form of Exhibit A (a "Funding Request"), specifying the proposed Funding Date (the "Funding Date") and the amount of Advance requested. Except as the parties may otherwise agree in writing, (i) each Funding Date shall occur on the first (1st) day (or if such day is not a Business Day, then the next succeeding Business Day thereafter) of a month, and (ii) Advances shall be made solely to provide the Construction Agent with funds with which to pay or reimburse itself for Land Acquisition Costs, Property Improvements Costs, Capitalized Interest, Transaction Expenses, the Arrangement Fee and all fees paid or payable by the Lessee to the Lessor in connection with the Operative Documents and any amounts paid or payable by Lessee pursuant to Section 31.2 hereof. With respect to the initial Advance, the Lessee may deliver a Funding Request no sooner than five (5) Business Days but no less than two (2) Business Days prior to the proposed Funding Date therefor, which is not required to be the first (1st) day of the month, and in the event that the Lessor is unable to obtain a Eurodollar Rate for the Advance requested in such Funding Request, notwithstanding the definition of "Capitalized Interest" in Appendix 1 hereto, the Lessor shall make available the Advance at the Alternate Base Rate. Such Advance shall bear interest at the Alternate Base Rate until the date on which the Lessor shall be able to obtain a Eurodollar Rate for the amount of such Advance, at which time such Advance shall convert and thereafter accrue interest at the Eurodollar Rate; provided, however, that no such conversion shall occur unless the Lessee shall have submitted a Funding Request in connection therewith. (b) All remittances made by the Lessor for the funding of any Advance shall be made on the applicable Funding Date in immediately available federal funds by wire transfer to the account designated by the Construction Agent, except that a portion of the initial Advance shall be made (in accordance with instructions to be included in the initial Funding Request) by wire transfer directly to the Seller and/or to the Lessee to reimburse the Lessee for Transaction Expenses.

Procedures for Advances. Agent shall give written notice to each Lender of each request for a Advance by facsimile transmission, hand delivery or overnight courier on the same Business Day as received from the Borrower pursuant to Section 2.2. Each such notice shall be accompanied by a written summary of the request for a Advance and shall specify (i) the date of the requested Advance, (ii) the aggregate amount of the requested Advance, and (iii) each Lender’s pro rata share of the requested Advance. Each Lender shall, before 11:00 a.m. (Boston time) on the date set forth in any such request for a Advance, make available to Agent, at an account to be designated by Agent at Bank of America, N.A. in Boston, Massachusetts, in same day funds, each Lender’s ratable portion of the requested Advance. After Agent’s receipt of such funds and upon Agent’s determination that the applicable conditions to making the requested Advance have been fulfilled, Agent shall make such funds available to the Borrower as provided for in this Agreement. Within a reasonable period of time following the making of each Advance, Agent shall deliver to each Lender a copy of the Borrower’s request for such Advance. Promptly after receipt by Agent of written request from any Lender, Agent shall deliver to the requesting Lender the accompanying certifications and such other instruments, documents, certifications and approvals delivered by or on behalf of the Borrower to Agent in support of the requested Advance.