Common use of Making Advances Clause in Contracts

Making Advances. Each Advance under the Loan shall be made from the proceeds of an advance of funds caused to be made under the Bonds that the Lender issued to fund a portion of the Loan, and each advance of funds that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance and, in the case of the Initial Advance, upon receipt of the documents required by Section 3.1 hereof to be delivered in connection with the request for the Initial Advance, the Lender will make, or cause to be made, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.13 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the Lender. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date. Notwithstanding the forgoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.

Making Advances. ‌ Each Advance under the Loan shall be made from the proceeds of an advance of funds Advance (as such term is defined in the Bond Trust Indenture) caused to be made under the Bonds that the Lender issued to fund a portion of the Loan, and each advance of funds Advance that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance and, in the case of the Initial Advance, upon receipt of the documents required by Section 3.1 hereof to be delivered in connection with the request for the Initial Advance, the Lender will make, or cause to be made, but solely from proceeds of the Bonds, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Master Servicer/Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the [YEAR- ] Bond Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.13 2.14 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the Lender▇▇▇▇▇▇; provided, however, in the case of an Advance subject to a Special Supplemental Invoice pursuant to Section 2.6(c) of this Agreement, the Master Servicer/Trustee shall not disburse such Advance until such Special Supplemental Invoice has been paid. The Lender may submit requests for Advances at any time to the CDFI Fund (to be transmitted by the CDFI Fund to the Bondholder); provided, however, the CDFI Fund will specify certain restricted dates on which Advances will not be disbursed. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue DateDate [**For Bond Issues with more than one Borrower, add “; provided, further, that the Borrower and any other borrower in the related Bond Issue may submit requests for, and receive, Advances on different days in each calendar month”]. Notwithstanding the forgoing foregoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.

Making Advances. (a) Each Advance under the Loan Borrowing of DIP Advances shall be made from upon the proceeds written notice of the Borrower, received by Administrative Agent not later than 12:00 noon Pacific Time on the date prior to such Borrowing. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, in substantially the form of Exhibit C hereto specifying therein: (i) the date of such proposed Borrowing, which shall be a Business Day; (ii) the amount of such proposed Borrowing which shall not exceed the unused portion of the DIP Commitment; and (iii) the certification by the Borrower that (i) the use of the Advance is in accordance with an advance Approved Budget and (ii) each of funds caused the conditions to Advances set forth in Article IV hereof have been satisfied. Administrative Agent shall promptly notify Lenders of each such notice. Each Lender shall, before 2:00 p.m. Pacific Time on the date of each DIP Advance make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's DIP Specified Percentage of the aggregate DIP Advances to be made under on that day in immediately available funds. (b) Unless any applicable condition specified in Article IV hereof has not been satisfied, as determined by the Bonds that Administrative Agent in its discretion, Administrative Agent, upon receipt of fund from the Lender issued Lenders, will make the funds promptly available to fund a portion the Borrower by either (i) wiring such amounts pursuant to any wiring instructions, or (ii) depositing such amount in the account of the LoanBorrower at the Administrative Agent, in each case as specified by the Borrower to the Administrative Agent in writing. (c) After giving effect to any Borrowing, the aggregate principal amount of outstanding DIP Advances shall not exceed the DIP Commitment. (d) Unless a Lender shall have notified Administrative Agent prior to the date of any Advance that it will not make available its DIP Specified Percentage of any DIP Advance, Administrative Agent may assume that such Lender has made the appropriate amount available in accordance with Section 2.02(a) hereof, and each advance of funds that Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If and to the extent any Lender shall not have made such amount available to Administrative Agent, such Lender and the Borrower severally agree to repay to Administrative Agent immediately on demand such corresponding amount together with interest thereon, from the date such amount is made under available to the [YEAR- ] Bonds shall be deemed Borrower until the date such amount is repaid to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance andAdministrative Agent, at (i) in the case of the Initial Borrower, the Base Rate, and (ii) in the case of such Lender, the Federal Funds Rate. (e) The failure by any Lender to make available its DIP Specified Percentage of any DIP Advance hereunder shall not relieve any other Lender of its obligation, if any, to make available its DIP Specified Percentage of any DIP Advance. In no event, upon receipt of the documents required by Section 3.1 hereof to however, shall any Lender be delivered in connection with the request responsible for the Initial failure of any other Lender to make available any portion of any DIP Advance, the Lender will make, or cause to be made, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Trustee that it has received from the Borrower an amount of funds other than proceeds of the Bonds equal to the Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.13 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the Lender. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date. Notwithstanding the forgoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fund.

Making Advances. (a) Each Advance under the Loan Borrowing of Advances shall be made from upon the proceeds of an advance of funds caused to be made under the Bonds that the Lender issued to fund a portion written notice of the Loanapplicable Borrower, and each advance received by Administrative Agent not later than 12:00 noon on the date of funds that is made under the [YEAR- ] Bonds shall be deemed to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance andsuch Borrowing, in the case of Advances which are Base Advances. Notwithstanding any other provision contained in this Agreement to the Initial Advancecontrary, upon receipt each Borrower agrees that the Borrowers shall not be eligible to request or receive LIBOR Advances or Refinancing Advances. Each such notice of a Borrowing (a "Borrowing Notice") shall be by telecopy or telephone, promptly confirmed by letter, in substantially the form of Exhibit C --------- hereto specifying therein: (i) the date of such proposed Borrowing, which shall be a Business Day; (ii) the Type of Advances of which the Borrowing is to be comprised; and (iii) the amount of such proposed Borrowing which (A) with respect to Advances drawn under (I) the Domestic Revolver Loan shall not exceed the unused portion of the documents required by Section 3.1 hereof to Domestic Revolver Commitment, (II) the Foreign Revolver Loan, shall not exceed the unused portion of the Foreign Revolver Commitment less outstanding Letters of Credit and reimbursement obligations (or if any Letter of Credit or reimbursement obligation shall be delivered in connection with the request for the Initial Advancea currency other than Dollars, the Lender will makeDollar equivalent of such currency) and (B) shall in the case of a Borrowing of Base Advances, be in an amount of not less than $2,000,000 or cause to be madean integral multiple of $1,000,000 in excess thereof (or any lesser amount if such amount is the remaining undrawn portion under the Domestic Revolver Commitment or the Foreign Revolver Commitment, the requested Advance as herein providedrespectively). With respect to Administrative Agent shall promptly notify Lenders of each requested Advance, the such notice. Each Lender shall, FIRST, receive notice from before 2:00 p.m. on the Trustee that it has received from date of each Advance under the Borrower an amount of funds Domestic Revolver Loan or the Foreign Revolver Loan hereunder (other than proceeds a Refinancing Advance), make available to Administrative Agent, at its office at Bank of America Plaza, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, such Lender's Domestic Revolver Specified Percentage and Foreign Revolver Specified Percentage of the Bonds equal to aggregate Advances under the Risk-Share Pool Requirement for the Approved Disbursement AmountLoans, as required by Section 2.13 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower made on that day in its requisition delivered to the Lender. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date. Notwithstanding the forgoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fundimmediately available funds.

Making Advances. Each Advance under the Loan (a) Advances shall be made on written request, given not later than 11:00 A.M. (Eastern time) at least three Business Days prior to the date of the proposed Advances, from the proceeds of an advance of funds caused Borrower to the Agent, identifying the real estate to be purchased or the capital improvements to be made, specifying the date and amount of the Advances and selecting the initial Interest Period for such Advances. The Agent shall give prompt written notice of each borrowing request to the Banks. Not later than 1:00 P.M. (Eastern time) on the date of such Advances and upon fulfillment of the applicable conditions set forth in Article Error! Reference source not found, each Bank will make its ratable share of such Advances available to the Agent in same day funds in accordance with such Banks Commitment Percentage. Upon the Agent's receipt of such funds, it shall credit the proceeds to the Borrower's operating account with the Agent. (b) Each written request from the Borrower to the Agent for Advances shall be irrevocable and binding on the Borrower. The Borrower shall indemnify each Bank against any loss, cost or expense incurred by such Bank as a result of any failure to fulfill on or before the date specified in such request for such Advances the applicable conditions set forth in Article Error! Reference source not found, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Bank to fund the Advance when the Advance, as a result of such failure, is not made on such date. (c) The Advances shall be repaid on the Termination Date, unless converted into Term Loans as provided in Section Error! Reference source not found below. (d) On the date of the closing of this Agreement (the "Closing Date"), all indebtedness outstanding under the Bonds July 27, 1995 Credit Agreement between the Borrower, Crestar Bank and Signet Bank/Virginia (the "Existing Credit Agreement") shall be repaid with Advances under this Agreement and the Existing Credit Agreement shall be terminated as of the Closing Date. (e) Unless the Agent shall have received notice from a Bank prior to the date of any Advances that such Bank will not make available to the Lender issued to fund a Agent such Bank's ratable portion of such Advances, the LoanAgent may assume that such Bank has made such portion available to the Agent on the date of such Advances in accordance with Section 2.2(a) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such ratable portion available to the Agent, such Bank and the Borrower severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each advance of funds that day from the date such amount is made under available to the [YEAR- ] Bonds shall be deemed Borrower until the date such amount is repaid to be an Advance made under the Loan in an equal amount. Upon receipt of the documents required by Section 3.2 hereof to be delivered in connection with each request for Advance andAgent, at (1) in the case of the Initial AdvanceBorrower, upon receipt the interest rate applicable at the time to such Advances, and (2) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Advance for purposes of this Agreement. (f) The failure of any Bank to make the Advances to be made by such Bank shall not relieve the other Banks of their obligations, if any, hereunder to make their Advances, but none of the documents required by Section 3.1 hereof to Banks shall be delivered in connection with the request responsible for the Initial Advance, the Lender will make, or cause to be made, the requested Advance as herein provided. With respect to each requested Advance, the Lender shall, FIRST, receive notice from the Trustee that it has received from the Borrower an amount of funds other than proceeds failure of the Bonds equal other Banks to the Risk-Share Pool Requirement for the Approved Disbursement Amount, as required by Section 2.13 hereof; and, SECOND, disburse, or cause to be disbursed, by wire transfer an amount of funds equal to the Approved Disbursement Amount to the account specified by the Borrower in its requisition delivered to the Lender. Subject to Section 3.4, no initial proceeds of the Bond Loan shall be disbursed later than sixty (60) months after the Bond Issue Date. Notwithstanding the forgoing and Section 3.2, any disbursements to capitalize the Borrower’s Loan Loss Reserves shall be made pursuant to such requisition process as may be established by the Lender and the CDFI Fundmake Advances.