Loan Advances Generally Sample Clauses

Loan Advances Generally. 3.1 Subject to the provisions of this Loan Agreement, Huntington will advance and Borrower will accept the Loan Amount in installments. The amount of advances shall not exceed the amount set forth in the separate Cost Breakdown to be furnished. The Initial Advance and all subsequent advances shall be made upon satisfaction of the applicable conditions precedent set forth in Section 4 hereof, in amounts which shall be equal to the aggregate of the Hard Costs and Soft Costs incurred by Borrower through the end of the period covered by the Requisition less: (a) the Retained Amounts; and (b) the total of the Loan advances theretofore made; and (c) at the election of Huntington, any combination of the following further amounts: (i) all or a portion of the amount by which any Hard Costs or Soft Costs are or are reasonably estimated by Huntington to be greater than the respective Loan Budget Amounts for such costs; and (ii) any costs covered by the Requisition not approved or certified by Borrower, Project Architect or General Contractor, as the case may be, any Hard Costs covered by a previous Requisition for which Payment Receipts have not been received by Huntington and any Soft Costs covered by a previous Requisition for which proof of payment has not been received by Huntington; and (iii) any costs covered by the Requisition and payable to a major subcontractor or prime contractor not approved by Huntington. 3.2 Borrower shall submit a Requisition for the Initial Advance and for subsequent advances, not more frequently than monthly thereafter, and for a final advance (except for advances for tenant improvements, soft costs and accrued interest after completion) promptly upon Completion. Requisitions shall conform to the Cost Breakdown and shall be received by Agent at least ten (10) business days prior to the date of the requested advance. All advances to Borrower are to be made at ▇▇▇▇▇▇▇▇▇▇'s principal office or at such other place as Agent may designate and shall be deposited in the Construction Loan Checking Account.