Procedure for Requesting Advances. 13 2.4 Interest on the Revolving Loan Note .......................... 14 2.5 Restrictions with Respect to Working Capital Advances ........ 14 2.6
Procedure for Requesting Advances. The Borrower may borrow during the Commitment Period on any Business Day by giving the Bank irrevocable notice of a request for an Advance hereunder at least three (3) Business Days before a proposed borrowing, (the "Borrowing Notice"). Such Borrowing Notice shall (a) identify the Project to which such proposed borrowing relates or identify such proposed borrowing as a Working Capital Advance, and (b) state whether the Borrower requests the Advance to bear interest at the Adjusted LIBOR Rate, and if so, for what LIBOR Interest Period. Notwithstanding the foregoing, the Bank agrees that the initial Advance to be made on the date hereof shall be in the amount of $5,936,784.93 and shall be used solely for the following purposes: (i) to repay all interest and principal outstanding under the Original Loan; and (ii) to repay that certain mortgage currently encumbering the New Orleans Property. In no event shall any Advance exceed the Availability as of the date of such Advance. Any Borrowing Notice relating to a specific Project shall include a certification by the chief executive officer or chief financial officer of the Borrower that the advanced sum will be used only for Project Costs incurred in connection with such Project and that the conditions set forth in Sections 4.2(a) - (f) have been satisfied. Such Borrowing Notice shall set forth the actual amounts of such costs certified by the Borrower's chief financial officer and shall be accompanied by certificates from the Construction Consultant certifying that (i) the Improvement can be completed for the amount available for construction from the construction budget approved by Bank, and (ii) the final plans and specifications are satisfactory for the completion of the Improvements. The Borrowing Notice shall also be accompanied by lien waivers from the general contractor and all material subcontractors engaged in the performance of the work being funded by such Advance. The Borrowing Notice and certifications required pursuant to the Revolver Loan shall be substantially in the forms attached as Exhibit A. In no event may the amount of Advances with respect to any Project exceed the Project Availability. A Borrowing Notice shall be submitted in writing (including, without limitation, via facsimile transmission) and shall be sufficient if received by 1:00 p.m. New York time on the date on which such Notice is to be given. If any such Borrowing Notice is sent by facsimile it shall be confirmed in writing sent...
Procedure for Requesting Advances. Procedures for Selection of Applicable Interest Rates
Procedure for Requesting Advances. The second sentence of Section 2.3 of the Agreement is hereby amended in its entirety to read as follows: "Such Borrowing Notice shall (a) identify the Project to which such proposed borrowing relates or identify such proposed borrowing as a Working Capital Advance, (b) state whether the Borrower requests the Advance to bear interest at the Adjusted LIBOR Rate, and if so, for what LIBOR Interest Period, and (e) provide certification from the Chief Financial Officer of the Borrower that taking into account the proposed borrowing, the Borrower will be in compliance with the covenants in Sections 6 and 7 on a pro forma basis."
Procedure for Requesting Advances. The Lender may make any Advance pursuant to the Special Project Revolving Credit Facility in reliance upon any oral, telephonic, written, teletransmitted or other request (each, a “Request”) that the Lender in good faith believes to be valid and to have been made by the Borrower or on behalf of the Borrower by an Authorized Person. The Lender may act on the Request of any Authorized Person until the Lender shall have received from the Borrower, and had a reasonable time to act on, written notice revoking the authority of such Authorized Person. The Borrower acknowledges that the transmission between the Borrower and the Lender of any Request or other instructions with respect to the Special Project Revolving Credit Facility involves the possibility of errors, omissions, misinterpretations, fraud and mistakes, and agrees to adopt such internal measures and operational procedures as may be necessary to prevent such occurrences. By reason thereof, the Borrower hereby assumes all risk of loss and responsibility for, and releases and discharges the Lender from any and all responsibility or liability for, and agrees to indemnify, reimburse on demand and hold the Lender harmless from, any and all claims, actions, damages, losses, liability and expenses by reason of, arising out of, or in any way connected with or related to: (a) the Lender’s accepting, relying on and acting upon any Request or other instructions with respect to the Special Project Revolving Credit Facility; or (b) any such error, omission, misinterpretation, fraud or mistake, provided such error, omission, misinterpretation, fraud or mistake is not directly caused by the Lender’s gross negligence or willful misconduct or the fraudulent conduct of any employee of the Lender. The Lender shall incur no liability to the Borrower or to any other person as a direct or indirect result of making any Advance pursuant to this paragraph.
Procedure for Requesting Advances. (a) The Company shall give each of the Investors notice of any borrowing that it intends to make hereunder in the form of Exhibit C attached hereto (a "Notice of Borrowing") not less than 10 business days prior to such borrowing, specifying
Procedure for Requesting Advances. When the Borrower desires that the Bank make an Advance under the Line of Credit, the Borrower shall (i) deliver to the Bank a written request (“Request for Line of Credit Advance”), which shall identify the proposed advance amount, and (ii) provide to the Bank all of the required following: (i) Proposed form for the Real Estate Note, Mortgage, Allonge and Assignment of Mortgage. (ii) NBL’s approval package for the loan that is the subject of the Request for Line of Credit Advance. (iii) Loan title insurance policy commitment to insure Borrower's interest in the Mortgage as a first priority lien (for Eligible 1st Mortgage Loans) and second priority lien (for Eligible 2nd Mortgage Loans) on the Collateral Real Estate written upon an underwriter and containing only such title exceptions as are reasonably acceptable to Bank. (iv) Current appraisal of the Collateral Real Estate. (v) Phase 1 environmental report (and phase 2 if warranted) on Collateral Real Estate (commercial real estate only) (vi) Survey of the Collateral Real Estate. (vii) Flood determination for the Collateral Real Estate. (viii) Such other information as Bank may request in its sole discretion. (d)
Procedure for Requesting Advances. (a) Upon receipt (before 11:00 a.m. of the requested funding date) by Lender of the items of described in subparagraphs (a), (b), and (c) of paragraph 17, and satisfaction of the requirements set forth in paragraph 9(b), provided the Loan is not then in default, Lender, shall advance to Borrower, by adding to its account with Lender, the amount properly requested from time to time provided the advances shall not aggregate in excess of TEN MIL LION AND NO/100 DOLLARS ($ l 0,000,000.00). Each request by Borrower shall be in form satisfactory to Lender.
