Requests for Advance. (A) Whenever Borrower desires to incur a Credit Line Advance hereunder, it shall first provide Lender with sufficient notice (a “Proposed Credit Line Advance Notice”) and time to conduct and/or require, at Borrower’s expense, due diligence of any kind as Lender reasonably requires on any Credit Line Asset which Borrower contemplates including in a Request for Advance as a Credit Line Asset to be financed by a Credit Line Advance and in which a lien will be granted to Lender as collateral for the Loan. Upon completion (or earlier if agreed to by Lender in its sole discretion) of any and all due diligence and Lender’s agreement to finance a Credit Line Asset subject to the due diligence review, Borrower shall then deliver to the Lender (i) a Request for Advance substantially in the form of Exhibit E (the “Request for Advance”) and (ii) any other information requested by Lender not later than 10:00 a.m. (New York City time) on the third (3rd) Business Day prior to the proposed date of such Credit Line Advance (the “Credit Line Advance Request Deadline”). Each Request for Advance: (A) shall be appropriately completed to specify the aggregate principal amount of the Credit Line Advance to be made and the proposed date of such Credit Line Advance (which shall be a Business Day); and (B) the calculation for determining the amount requested in such Request for Advance, including the Credit Line Asset Purchase Price for each Credit Line Asset, as applicable and the Credit Line Advance Rate and verification that amount of the requested Credit Line Advance plus the Credit Line Principal Amount does not violate this Section 2.2. The Borrower may withdraw any Proposed Credit Line Advance Notice or Request for Advance at any time prior to the Credit Line Advance being made. (B) In no event shall Lender make any Credit Line Advance unless (i) Lender shall have received prior to the applicable Credit Line Advance Request Deadline evidence reasonably satisfactory to Lender in all respects that it shall have a first priority lien on the Credit Line Asset to be financed by a Credit Line Advance upon the funding of the Credit Line Advance, (ii) Lender shall have completed its due diligence and be reasonably satisfied with the results thereof, (iii) all conditions set forth in Section III have been and continue to be satisfied in all material respects, and (iv) all representations and warranties set forth in Section IV are true, accurate and complete in all material respects. (C) Notwithstanding anything contained herein to the contrary, but subject to the provisions of this Section II, the amount requested in each Request for Advance shall not exceed, unless waived by the Lender in its sole discretion, the product of the (i) the Credit Line Advance Rate multiplied by (ii) the Credit Line Asset Purchase Price for the Credit Line Asset included in such applicable Request for Advance.
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Requests for Advance. (A) Whenever Borrower desires to incur a Credit Line Advance hereunder, it shall first provide Lender with sufficient notice (a “Proposed Credit Line Advance Notice”) and time to conduct and/or require, at Borrower’s expense, due diligence of any kind as Lender reasonably requires on any Credit Line Asset which Borrower contemplates including in a Request for Advance as a Credit Line Asset to be financed by a Credit Line Advance and in which a lien will be granted to Lender as collateral for the LoanLoans. Upon completion (or earlier if agreed to by Lender in its sole discretion) of any and all due diligence and Lender’s agreement to finance a Credit Line Asset subject to the due diligence review, Borrower shall then deliver to the Lender (i) a Request for Advance substantially in the form of Exhibit E H (the “Request for Advance”) and (ii) any other information requested by Lender not later than 10:00 a.m. (New York City time) on the third (3rd) Business Day prior to the proposed date of such Credit Line Advance (the “Credit Line Advance Request Deadline”). Each Request for Advance: (A) shall be appropriately completed to specify the aggregate principal amount of the Credit Line Advance to be made and the proposed date of such Credit Line Advance (which shall be a Business Day); and (B) the calculation for determining the amount requested in such Request for Advance, including the Credit Line Asset Purchase Price for each Credit Line Asset, as applicable and the applicable Credit Line Advance Rate and verification that amount of the requested Credit Line Advance plus the Credit Line Principal Amount does not violate this Section 2.2. The Borrower may withdraw any Proposed Credit Line Advance Notice or Request for Advance at any time prior to the Credit Line Advance being made.
(B) In no event shall Lender make any Credit Line Advance unless (i) Lender shall have received prior to the applicable Credit Line Advance Request Deadline evidence reasonably satisfactory to Lender in all respects that it shall have a first priority lien on the Credit Line Asset to be financed by a Credit Line Advance upon the funding of the Credit Line Advance (subject only on the date of funding to any existing liens on such Credit Line Asset that will be paid off in full with the proceeds of such Credit Line Advance), (ii) Lender shall have completed its due diligence and be reasonably satisfied with the results thereof, (iii) all conditions set forth in Section III have been and continue to be satisfied in all material respects, and (iv) all representations and warranties set forth in Section IV are true, accurate and complete in all material respects.
(C) Notwithstanding anything contained herein to the contrary, but subject to the provisions of this Section II, the amount requested in each Request for Advance shall not exceed, unless waived by the Lender in its sole discretion, the product of the (i) the applicable Credit Line Advance Rate multiplied by (ii) the Credit Line Asset Purchase Price for the Credit Line Asset included in such applicable Request for Advance.
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Requests for Advance. The proceeds derived from the issuance of such Additional Bonds for the construction of the Construction Project (Aor for reimbursement of advances by Tenant for the construction of the Construction Project) Whenever Borrower shall be deposited on behalf of Landlord by Indenture Trustee into the Construction Account of the Bond Fund established by SECTION 8.2 of the Indenture. Each time Tenant desires to incur receive an advance from the Construction Account to pay or reimburse Tenant for costs incurred in connection with the Construction Project, at the election of Tenant, as such work progresses or upon the completion thereof, Tenant shall deliver to Landlord (with a Credit Line Advance hereunder, it shall first provide Lender with sufficient notice copy to Indenture Trustee) in respect thereto a request for advance in the form of EXHIBIT I attached hereto (a “Proposed Credit Line Advance Notice”) "REQUEST FOR ADVANCE"), true and correct in all respects, completed in all material respects and signed by Tenant. Each time to conduct and/or require, at Borrower’s expense, due diligence of any kind as Lender reasonably requires on any Credit Line Asset which Borrower contemplates including in a Request for Advance as a Credit Line Asset is presented, the amount to be financed advanced by Indenture Trustee on behalf of Landlord shall not exceed a Credit Line Advance and sum equal to the aggregate amount of the "current payment due" as shown in the AIA Form G702 attached to such Request for Advance; PROVIDED, that as to all such Requests for Advance, if retainage in the amount required by applicable law ("RETAINAGE") has not been deducted in calculating such "current payment due", Indenture Trustee on behalf of Landlord may, at its option, pay only an amount equal to the sum which a lien will would have been shown as the "current payment due" had such Retainage been deducted. Advances from the Construction Account shall only be granted to Lender as collateral used for the Loanpurpose of paying the costs of the Construction Project items set forth in the Construction Project budget approved by Landlord (the "APPROVED BUDGET"). Upon completion In no event shall Landlord (or earlier if agreed Indenture Trustee on behalf of Landlord) be required to by Lender in its sole discretion) make any advance for payment of any item in excess of the amount budgeted for such item in the Approved Budget or for payment of any item not included in the Approved Budget. Each Request for Advance shall be accompanied by (1) AIA Forms G702 and all due diligence and Lender’s agreement to finance G703, (2) a Credit Line Asset subject certificate of the Construction Consultant certifying that, to the due diligence reviewbest of its knowledge, Borrower shall then deliver information and belief, the work performed or materials purchased or installed or delivered to the Lender Construction Project site are in compliance with the Plans and Specifications, and that, based on information currently available and if applicable, nothing has come to its attention which would make Tenant unable to complete the Construction Project as provided in this Lease, (i3) copies of billing statements, vouchers and invoices relating to the costs of the items to be paid from the advance requested, and (4) lien waivers and affidavits from all contractors and subcontractors, and such other affidavits as may be reasonably required by the Construction Consultant to satisfy itself that all bills for labor and materials and other goods and services required to complete the Construction Project are being currently paid. Each item or portion thereof to be paid from such advance shall be fully described, itemized and categorized on the continuation page or pages of such Request for Advance. Within a reasonable time after receipt of a proper Request for Advance not to exceed ten (10) days after such receipt and approval, Indenture Trustee on behalf of Landlord shall advance the amount set forth in such Request for Advance to the extent of moneys on deposit in the Construction Account; PROVIDED, HOWEVER, Indenture Trustee shall in no event be obligated to fund advances more than once each calendar month, but may do so at its election. All advances made pursuant to a Request for Advance substantially for the payment of any items set forth in the form Approved Budget shall be advanced to or for the account of Exhibit E Tenant, or, in the alternative shall be (i) advanced directly to the “Request for Advance”) and applicable contractor or supplier or (ii) any other information requested advanced by Lender not later than 10:00 a.m. (New York City time) on the third (3rd) Business Day prior check made payable jointly to the proposed date of Tenant and such Credit Line Advance (the “Credit Line Advance Request Deadline”)contractor or supplier. Each Request for Advance: (A) time Tenant receives an advance hereunder, Tenant shall be appropriately completed to specify promptly apply the aggregate principal amount same toward the payment of the Credit Line Advance to be made and items covered by the proposed date of such Credit Line Advance (which shall be a Business Day); and (B) the calculation for determining the amount requested in such Request for Advance, including the Credit Line Asset Purchase Price for each Credit Line Asset, as applicable and the Credit Line Advance Rate and verification that amount of the requested Credit Line Advance plus the Credit Line Principal Amount does not violate this Section 2.2. The Borrower may withdraw any Proposed Credit Line Advance Notice or Request for Advance at submitted to Landlord (with a copy to Indenture Trustee). Tenant shall not apply or permit application of any time prior sums advanced hereunder in payment of any item not included in the Approved Budget. Notwithstanding anything to the Credit Line Advance being made.
(B) In no event contrary set forth in this Lease or the Indenture, neither Landlord nor Indenture Trustee shall Lender not be obligated to make any Credit Line Advance advance unless all of the following conditions shall be satisfied at the time of such advance (i) Lender no Payment Default or Other Default shall have received prior to occurred and be continuing, (ii) the applicable Credit Line Advance Request Deadline Premises shall not have been condemned, injured or damaged by fire or other casualty, and (iii) if applicable, there shall have been delivered to Landlord (with a copy to Indenture Trustee) evidence reasonably satisfactory to Lender in all respects Landlord and Indenture Trustee that it shall have a first priority lien on the Credit Line Asset to be financed by a Credit Line Advance upon the funding unadvanced portion of the Credit Line Advance, (ii) Lender shall have completed its due diligence and Construction Account will be reasonably satisfied with sufficient to pay the results thereof, (iii) all conditions set forth in Section III have been and continue costs to be satisfied in all material respects, and (iv) all representations and warranties set forth in Section IV are true, accurate and complete in all material respectsthe Construction Project.
(C) Notwithstanding anything contained herein to the contrary, but subject to the provisions of this Section II, the amount requested in each Request for Advance shall not exceed, unless waived by the Lender in its sole discretion, the product of the (i) the Credit Line Advance Rate multiplied by (ii) the Credit Line Asset Purchase Price for the Credit Line Asset included in such applicable Request for Advance.
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