Construction Loan Borrowing Request. The Administrative Agent and the Loan Insurer shall have received a notice of such Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.03).
Construction Loan Borrowing Request. To request a Borrowing of Construction Loans, the Borrower shall deliver an irrevocable written Construction Loan Borrowing Request in the form of Exhibit C-1 signed by the Borrower to the Administrative Agent (i) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing (or, in the case of a proposed Borrowing to occur on the Closing Date, two Business Days before the Closing Date), (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing, or (iii) in the case any proceeds of the proposed Borrowing will be used to reimburse the Applicable Pledgor for Drawstop Equity Contributions, at least five Business Days prior to the date of the proposed Borrowing. Each such irrevocable written Construction Loan Borrowing Request by the Borrower shall specify the following information:
Construction Loan Borrowing Request. Delivery of a Construction Loan Borrowing Request to the Administrative Agent in accordance with Section 2.01(b). If Construction Loans are requested to be made to reimburse the Applicable Pledgor for any Drawstop Equity Contributions, at least five Business Days prior to such date, Borrower shall have provided to Administrative Agent and Independent Engineer a Construction Loan Borrowing Request that sets forth the amount that Borrower seeks in reimbursement of Drawstop Equity Contributions (together with a certification that all Equity Contributions were applied in payment of Project Costs included in the Construction Budget) together with all documentation that would have been required in connection with a Borrowing to pay such Project Costs directly rather than with the proceeds of Equity Contributions; provided, that any such reimbursement of the Applicable Pledgor shall be permitted hereunder only to the extent that, at the time of such payment, the stated amount, deposited amount, or the amount secured thereby, as applicable, of the Acceptable Member Credit Support is equal, in the aggregate, to not less than the aggregate “Maximum Available Equity Contribution Amount” (as defined in the Equity Contribution Agreement) (after giving pro forma effect to the reimbursement of such Drawstop Equity Contributions).
