Common use of Loan Advances Clause in Contracts

Loan Advances. (a) The “Term” of this Loan for the purpose of requesting advances shall commence on the date first set forth above and expire 364 days thereafter. Lender shall make advances available to Borrower under the Loan during the Term or any renewal thereof. (b) Borrower acknowledges that advances of Loan funds are expressly conditioned upon Lender’s prior approval of Borrower’s intended use of such funds. When Borrower identifies an investment Target, Borrower shall submit an initial draw request in writing to Lender not less than ten (10) business days prior to the date of the requested draw, using the form attached hereto as Exhibit A (the “Initial Draw Request”). Each Initial Draw Request shall be accompanied by supportive materials as to the intended use of the requested Loan funds to enable Lender’s underwriting department to assess the request. Once an Initial Draw Request is approved by Lender, Borrower has up to forty-five (45) days to access up to the amount of the approved draw in the Initial Draw Request by submitting to the Lender, not less than two (2) business days prior to the date of the intended draw, a draw funding request, using the form attached hereto as Exhibit B, which shall include the date of the requested draw funding and an affirmation that the material provided in connection with the Initial Draw Request remain accurate and no material and adverse changes have taken place or material and adverse information has been obtained by the Borrower or Guarantor with respect to the target entity.

Loan Advances. (a) The “Term” of this Loan for the purpose of requesting advances shall commence on the date first set forth above and expire 364 days thereafter. Lender shall make advances available to Borrower under the Loan during the Term or any renewal thereof. (b) Borrower acknowledges that advances of Loan funds are expressly conditioned upon Lender’s prior approval of Borrower’s intended use of such funds. When Borrower identifies an investment Target, Borrower shall submit an initial draw request in writing to Lender not less than ten (10) business days prior to the date of the requested draw, using the form attached hereto as Exhibit A (the “Initial Draw Request”). Each Initial Draw Request shall be accompanied by supportive materials as to the intended use of the requested Loan funds to enable Lender’s underwriting department to assess the request. Once an Initial Draw Request is approved by Lender, Borrower has up to forty-five (45) days to access up to the amount of the approved draw in the Initial Draw Request by submitting to the Lender, not less than two (2) business days prior to the date of the intended draw, a draw funding request, using the form attached hereto as Exhibit B, which shall include the date of the requested draw funding and an affirmation that the material provided in connection with the Initial Draw Request remain accurate and no material and adverse changes have taken place or material and adverse information has been obtained by the Borrower or Guarantor with respect to the target entity.