Master Line Advance Procedure Sample Clauses

Master Line Advance Procedure. Advances may be made by Lenders at the written request of the Person or Persons designated by Borrower from time to time a Draw Request Form and an updated Borrowing Availability Report. Subject to the terms and conditions of this Agreement (including those hereinafter set forth), such Person or Persons are hereby authorized by Borrower to direct the disposition of the proceeds of Advances until written notice of the revocation of such authority is received from Borrower by Lenders, and Lenders have had a reasonable time to act upon such notice. Lenders have no duty to monitor for Borrower, or to report to any such Person, the use of proceeds of Advances. Subject to the satisfaction of all applicable terms and conditions, with respect to: 7.1.1 each Draw Request Form submitted on or before 5:00 p.m. (Houston Time) on any Business Day, Lender will make the requested Advance on or before Noon on the fifth (5th) Business Day; and 7.1.2 a Draw Request Form received by Lender after 5:00 p.m. (Houston Time) on any Business Day, Lender will make the requested advance on or before Noon on the sixth (6th) Business Day thereafter.