Common use of Draws Clause in Contracts

Draws. Draw requests shall be made by Borrower to Lender as provided in this subsection. Lender, at its option, may elect to inspect the Property before allowing a Draw. Prior to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) (i) a properly completed “Request for Advance,” in the form set forth in Exhibit B, attached hereto, signed by Borrower (and Contractor, to the extent applicable); (ii) invoices for the activities covered by the Use of Proceeds (as defined below) outlined in the Budget (the “Budgeted Activities”) that is the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by Lender; and (iv) any and all other required information described in the Request for Advance. The items detailed in Subsections (i) through (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance Packet.” In order to obtain a Draw, Borrower shall first submit a Request for Advance Packet to Lender. Lender may rely on Borrower’s statements (and Contractor’s statements, if any) in the Request for Advance Packet (including the invoices and the lien waivers submitted by Contractor and suppliers (if any)). Lender shall not be required to verify any of the information submitted in connection with the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In Lender’s sole discretion, Draws may be (v) electronically transferred from Lender’s account to Borrower’s account via electronic funds transfer; (w) electronically transferred from Lender’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanism.

Draws. Draw requests If Tenant fails to timely deliver the Letter of Credit or any Continuation Letter of Credit to Landlord and such failure continues for five (5) business days after written notice to Tenant (with any other notice and cure periods afforded to Tenant hereunder being inapplicable in such circumstances), such failure by Tenant shall entitle Landlord to immediately draw upon the full outstanding amount of the Letter of Credit or the then-applicable Continuation Letter of Credit (as the case may be) and hold such funds as a cash security deposit (which such deposit shall be made by Borrower held and applied in accordance with Applicable Laws and this Lease, including without limitation Section 4.05). Additionally, Landlord shall be entitled to Lender draw upon the Letter of Credit and/or any Continuation Letter of Credit (as provided the case may be) to fund the performance of any obligation(s) of Tenant under the Lease if Tenant is in this subsection. Lender, at its option, may elect to inspect the Property before allowing a Draw. Prior to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) (i) a properly completed “Request for Advance,” default in the form set forth in Exhibit B, attached hereto, signed by Borrower (performance of such obligation(s) beyond the expiration of any applicable notice and Contractor, to the extent applicable); (ii) invoices for the activities covered by the Use of Proceeds (as defined below) outlined in the Budget (the “Budgeted Activities”) that is the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers cure period (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by Lender; and (iv) any and all other required information described set forth in the Request for AdvanceLease. The items detailed in Subsections issuing bank shall be required (up to the face amount(s) of the Letter of Credit and/or any applicable Continuation Letter of Credit) to disburse amounts to Landlord under the Letter of Credit and/or the applicable Continuation Letter of Credit (as the case may be) based solely on the written statement of Landlord (i) through certifying that Tenant is in default in the performance of its obligation(s) under the Lease beyond the expiration of any applicable notice and cure period (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance Packet.” In order to obtain a Draw, Borrower shall first submit a Request for Advance Packet to Lender. Lender may rely on Borrower’s statements (and Contractor’s statements, if any) set forth in the Request for Advance Packet Lease and (including ii) certifying the invoices and amount due to Landlord as a result of such uncured default(s) (which shall be the lien waivers submitted by Contractor and suppliers amount payable, up to an aggregate ceiling amount equal to the face amount(s) of the Letter of Credit and/or any applicable Continuation Letter of Credit (if anyas the case may be), to Landlord under such instrument). Lender shall not be required Landlord agrees to verify concurrently provide Tenant with a copy of any of such written statement Landlord provides to the information submitted in connection with issuing bank pursuant to the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In Lender’s sole discretion, Draws may be (v) electronically transferred from Lender’s account to Borrower’s account via electronic funds transfer; (w) electronically transferred from Lender’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanismimmediately preceding sentence.

Draws. Draw requests shall be made If (a) an Event of Default by Borrower Tenant occurs in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, (b) Landlord receives a Non-Renewal Notice or (c) the credit rating of the Issuing Bank has been downgraded below the rating specified above or fails to Lender as provided meet the Issuing Bank Standard in any other way, declares bankruptcy or is put into receivership by the FDIC and in any of those cases under clause (b) and/or this clause (c), Tenant has failed to deliver a new Letter of Credit from a bank with a credit rating meeting the standard specified above and otherwise meeting the requirements set forth in this subsection. LenderArticle 10 within ten (10) Business Days following notice from Landlord of any of such events, at its optionLandlord shall have the right by sight draft to draw all or a portion of the proceeds of the Letter of Credit and thereafter hold, may elect use, apply, or retain the whole or any part of such proceeds, (x) to inspect the Property before allowing a Draw. Prior extent required for the payment of any Rent or any other sum as to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) which Tenant is in an Event of Default including (i) any sum which Landlord may expend or may be required to expend by reason of Tenant’s default to the extent such expenditure is otherwise permitted hereunder, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord and/or (y) as cash proceeds to guaranty Tenant’s obligations hereunder, unless and until Tenant delivers to Landlord a properly completed “Request for Advance,” substitute Letter of Credit which meets the requirements of this Article 10; provided in the form case where Landlord is making a draw pursuant to the foregoing clause (a), Landlord shall only be entitled to draw down so much of the Letter of Credit as shall be reasonably necessary for the purposes set forth in Exhibit Bthe foregoing clause (x). If Landlord applies any part of the cash proceeds of the Letter of Credit, attached hereto, signed by Borrower (and Contractor, Tenant shall promptly thereafter amend the Letter of Credit to increase the extent applicable); (ii) invoices for the activities covered amount thereof by the Use amount so applied or provide Landlord with an additional Letter of Proceeds (as defined below) outlined Credit in the Budget (amount so applied so that Landlord shall have the “Budgeted Activities”) that is full amount thereof on hand at all times during the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by Lender; and (iv) any and all other required information described in the Request for Advance. The items detailed in Subsections (i) through (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance PacketTerm.” In order to obtain a Draw, Borrower shall first submit a Request for Advance Packet to Lender. Lender may rely on Borrower’s statements (and Contractor’s statements, if any) in the Request for Advance Packet (including the invoices and the lien waivers submitted by Contractor and suppliers (if any)). Lender shall not be required to verify any of the information submitted in connection with the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In Lender’s sole discretion, Draws may be (v) electronically transferred from Lender’s account to Borrower’s account via electronic funds transfer; (w) electronically transferred from Lender’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanism.

Draws. Draw requests Landlord may draw under the Letter of Credit upon the occurrence of an Event of Default hereunder. Any such draw shall be made by Borrower to Lender as provided in this subsectionnot cure an Event of Default. LenderLandlord shall have the right, at its option, may elect to inspect but not the Property before allowing a Draw. Prior to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) (i) a properly completed “Request for Advance,” in the form set forth in Exhibit B, attached hereto, signed by Borrower (and Contractorobligation, to apply all or any portion of the extent applicableproceeds from the Letter of Credit to pay all or any portion of [i] all Rent and other charges and expenses payable by Tenant under this Lease; plus [ii] all expenses and costs incurred by Landlord in enforcing or preserving Landlord's rights under this Lease or any security for the Lease, With respect to any portion of the Letter of Credit proceeds that is not applied to payment of Tenant's Obligations, Landlord shall have the option to either [i] deposit the proceeds into an interest-bearing account with a financial institution chosen by Landlord ("LC Account"); (or [ii) invoices for the activities covered by the Use of Proceeds (as defined below) outlined in the Budget (the “Budgeted Activities”) that is the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by Lender; and (iv) any and all other required information described in the Request for Advance. The items detailed in Subsections (i) through (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance Packet.” In order ] require Tenant to obtain a Drawreplacement Letter of Credit satisfactory to Landlord, Borrower with the Letter of Credit proceeds made available to Tenant to secure Tenant's reimbursement obligation for the Letter of Credit. All interest accruing on the LC Account shall first submit a Request for Advance Packet be paid to LenderLandlord and may, from time to time, be withdrawn from the LC Account by Landlord. Lender At any time and from time to time until Tenant's Obligations are performed in full, Landlord may rely on Borrower’s statements (and Contractor’s statements, if any) apply all or any portion of the funds held in the Request for Advance Packet (including LC Account to payment of all or any portion of Tenant's Obligations. Within 10 days after any such payment from the invoices LC Account, Landlord shall give written notice to Tenant describing the amount of such payment and how it was applied to Tenant's Obligations. Upon the lien waivers submitted occurrence of either [i] Landlord's receipt of a replacement Letter of Credit that satisfies the requirements of Section 20.1 and is issued by Contractor and suppliers (if any)). Lender an Issuer acceptable to Landlord; or [ii] the date on which all of Tenant's Obligations are performed in full, Landlord shall not be required to verify any pay the principal balance of the information submitted in connection with the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used LC Account (but not any accrued interest) to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In Lender’s sole discretion, Draws may be (v) electronically transferred from Lender’s account to Borrower’s account via electronic funds transfer; (w) electronically transferred from Lender’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanismTenant.

Draws. Draw requests Landlord may draw under the Letter of Credit upon the occurrence of an Event of Default hereunder. Any such draw shall not cure an Event of Default. The proceeds from the Letter of Credit (“LC Proceeds”) shall be made the sole property of Landlord and may be used, retained and invested by Borrower to Lender as provided Landlord without restriction or limitation. Tenant shall have no interest in this subsectionor claim against the LC Proceeds. Lender, at its Landlord shall have the right and option, may elect to inspect but not the Property before allowing a Draw. Prior to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) (i) a properly completed “Request for Advance,” in the form set forth in Exhibit B, attached hereto, signed by Borrower (and Contractorobligation, to apply all or any portion of the extent applicableLC Proceeds to pay all or any portion of [i] all Rent and other charges and expenses payable by Tenant under this Lease; plus [ii] all reasonable expenses and costs incurred by Landlord in enforcing or preserving Landlord’s rights under this Lease or any security for the Lease, including, without limitation, [a] the fees, expenses, and costs of any litigation, appellate, receivership, administrative, bankruptcy, insolvency, or other similar proceeding; [b] attorney, paralegal, consulting and witness fees and disbursements; and [c] the expenses, including, without limitation, lodging, meals and transportation of Landlord and its employees, agents, attorneys, and witnesses in preparing for litigation, administrative, bankruptcy, insolvency, or similar proceedings and attendance at hearings, depositions, and trials in connection therewith. With respect to any portion of the Letter of Credit proceeds that is not applied to payment of Tenant’s Obligations, Landlord shall have the option to either [i] deposit the proceeds into an interest bearing account with a financial institution chosen by Landlord (“LC Account”); (or [ii) invoices for the activities covered by the Use of Proceeds (as defined below) outlined in the Budget (the “Budgeted Activities”) that is the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by Lender; and (iv) any and all other required information described in the Request for Advance. The items detailed in Subsections (i) through (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance Packet.” In order ] require Tenant to obtain a Drawreplacement Letter of Credit satisfactory to Landlord, Borrower with the Letter of Credit proceeds made available to Tenant to secure Tenant’s reimbursement obligation for the Letter of Credit. All interest accruing on the LC Account shall first submit a Request for Advance Packet be paid to LenderLandlord and may, from time to time, be withdrawn from the LC Account by Landlord. Lender At any time and from time to time until Tenant’s Obligations are performed in full, Landlord may rely on Borrower’s statements (and Contractor’s statements, if any) apply all or any portion of the funds held in the Request for Advance Packet (including LC Account to payment of all or any portion of Tenant’s Obligations. Within 10 days after any such payment from the invoices LC Account, Landlord shall give written notice to Tenant describing the amount of such payment and how it was applied to Tenant’s Obligations. Upon the lien waivers submitted occurrence of either [i] Landlord’s receipt of a replacement Letter of Credit that satisfies the requirements of §20.1 and is issued by Contractor and suppliers (if any)). Lender an Issuer acceptable to Landlord; or [ii] the date on which all of Tenant’s Obligations are performed in full, Landlord shall not be required to verify any pay the balance of the information submitted in connection with the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used LC Account to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In Lender’s sole discretion, Draws may be (v) electronically transferred from Lender’s account to Borrower’s account via electronic funds transfer; (w) electronically transferred from Lender’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanismTenant.

Draws. Draw requests shall be made by Borrower to Lender as provided in this subsection. Lender, at its option, may elect to inspect the Property before allowing a Draw. Prior to receiving any Draw, Borrower shall deliver to Lender (or Lender’s designated agent) (i) a properly completed “Request for Advance,” in the form set forth in Exhibit B, attached hereto, signed by Borrower Bxxxxxxx (and Contractor, to the extent applicable); (ii) invoices for the activities covered by the Use of Proceeds (as defined below) outlined in the Budget (the “Budgeted Activities”) that is the subject of the Request for Advance; (iii) construction lien waivers from Contractor and from the suppliers (if any) for all Budgeted Activities covered by the Request for Advance if and as requested by LenderLxxxxx; and (iv) any and all other required information described in the Request for Advance. The items detailed in Subsections (i) through (iv) of this Section III(B) are collectively referred to herein as the “Request for Advance Packet.” In order to obtain a Draw, Borrower shall first submit a Request for Advance Packet to Lender. Lender may rely on BorrowerBxxxxxxx’s statements (and Contractor’s statements, if any) in the Request for Advance Packet (including the invoices and the lien waivers submitted by Contractor and suppliers (if any)). Lender shall not be required to verify any of the information submitted in connection with the Request for Advance. The Draw funds delivered in connection with the Request for Advance shall be used to pay for the Budgeted Activities described in the Request for Advance Packet only and as provided in the Budget (as defined below). In LenderLxxxxx’s sole discretion, Draws may be (v) electronically transferred from LenderLxxxxx’s account to BorrowerBxxxxxxx’s account via electronic funds transfer; (w) electronically transferred from LenderLxxxxx’s account to Contractor’s account via electronic funds transfer; (x) delivered via check from Lender payable to Borrower or payable jointly to Borrower and Contractor, or (y) via some other mutually agreed upon mechanism.