Common use of Procedures for Requesting Advances Clause in Contracts

Procedures for Requesting Advances. THE BANK MUST RECEIVE NOTICE OF THE BORROWERS' REQUEST FOR EACH ADVANCE NOT LATER THAN 12:00 NOON (MINNEAPOLIS TIME) ON THE BUSINESS DAY OF A PROPOSED REVOLVING ADVANCE AND ON THE BUSINESS DAY OF A PROPOSED TERM LOAN B ADVANCE. EACH SUCH REQUEST FOR AN ADVANCE MAY BE MADE IN WRITING OR BY TELEPHONE, SHALL BE EFFECTIVE UPON RECEIPT BY THE BANK AND SHALL SPECIFY THE PROPOSED DATE FOR THE REQUESTED ADVANCE (WHICH SHALL BE A BUSINESS DAY), THE AMOUNT OF THE REQUESTED ADVANCE AND WHETHER THE BORROWERS DESIRE A REVOLVING ADVANCE OR TERM LOAN B ADVANCE. UNLESS THE BANK DETERMINES THAT ANY CONDITION SET FORTH IN ARTICLE III, IV, OR V HAS NOT BEEN SATISFIED, THE BANK WILL MAKE THE PROCEEDS OF THE ADVANCE AVAILABLE TO THE BORROWERS ON THE APPROPRIATE DATE AS IDENTIFIED ABOVE BY DEPOSITING THE SAME TO EITHER OF THE BORROWERS' DEMAND DEPOSIT ACCOUNTS MAINTAINED WITH THE BANK OR IN SUCH OTHER MANNER AS THE BANK AND THE BORROWERS MAY FROM TIME TO TIME AGREE. THE BORROWERS SHALL BE OBLIGATED TO REPAY ALL ADVANCES NOTWITHSTANDING THE FACT THAT THE PERSON REQUESTING SAME WAS NOT IN FACT AUTHORIZED SO TO DO. ANY REQUEST FOR AN ADVANCE, WHETHER WRITTEN OR TELEPHONIC, SHALL BE DEEMED TO BE A REPRESENTATION THAT THE STATEMENTS SET FORTH IN SECTION 5.2 ARE CORRECT.

Procedures for Requesting Advances. THE BANK MUST RECEIVE NOTICE OF THE BORROWERS' BORROWER'S REQUEST FOR EACH ADVANCE NOT LATER THAN 12:00 NOON (MINNEAPOLIS TIME) ON THE BUSINESS DAY OF A PROPOSED REVOLVING ADVANCE AND ON THE BUSINESS DAY OF A PROPOSED TERM LOAN B ADVANCE. EACH SUCH REQUEST FOR AN ADVANCE MAY BE MADE IN WRITING OR BY TELEPHONE, SHALL BE EFFECTIVE UPON RECEIPT BY THE BANK AND SHALL SPECIFY THE PROPOSED DATE FOR THE REQUESTED ADVANCE (WHICH SHALL BE A BUSINESS DAY), ) AND THE AMOUNT OF THE REQUESTED ADVANCE AND WHETHER THE BORROWERS DESIRE A REVOLVING ADVANCE OR TERM LOAN B ADVANCE. UNLESS THE BANK DETERMINES THAT ANY CONDITION SET FORTH IN ARTICLE III, IV, OR V HAS NOT BEEN SATISFIED, THE BANK WILL MAKE THE PROCEEDS OF THE ADVANCE AVAILABLE TO THE BORROWERS BORROWER ON THE APPROPRIATE PROPOSED DATE AS IDENTIFIED ABOVE OF SUCH ADVANCE BY DEPOSITING THE SAME TO EITHER OF THE BORROWERS' BORROWER'S DEMAND DEPOSIT ACCOUNTS ACCOUNT MAINTAINED WITH THE BANK OR IN SUCH OTHER MANNER AS THE BANK AND THE BORROWERS BORROWER MAY FROM TIME TO TIME AGREE. THE BORROWERS BORROWER SHALL BE OBLIGATED TO REPAY ALL ADVANCES NOTWITHSTANDING THE FACT THAT THE PERSON REQUESTING SAME WAS NOT IN FACT AUTHORIZED SO TO DO. ANY REQUEST FOR AN ADVANCE, WHETHER WRITTEN OR TELEPHONIC, SHALL BE DEEMED TO BE A REPRESENTATION THAT THE STATEMENTS SET FORTH IN SECTION 5.2 ARE CORRECT.