Procedures for Making Advances Clause Samples

Procedures for Making Advances. Subject to satisfaction of all the terms and conditions set forth in this Agreement, Advances shall be made as follows: (a) The Borrower shall deliver a Request for Advance with respect to any Advance requested hereunder preferably two (2) Business Days prior to the date on which the proposed Advance is to be made (the "Borrowing Date"). The Request for Advance shall be irrevocable and shall specify (i) the date on which the proposed Advance is to be made (which shall be a Business Day), and (ii) the amount of the Advance requested to be made (the "Requested Advance Amount"), and state that all conditions to the making of Advances set forth in Article IV hereof have been satisfied. Such Request for Advance also shall be 5 accompanied by all documents required to be delivered pursuant to Section 4.2 hereof. The Borrower may deliver more than one Request for Advance on the same Business Day and may request that multiple Advances be made on the same Business Day. (b) Within one (1) Business Day of receipt of a Request for Advance, the Lender shall notify the Borrower whether the Lender agrees to make the Advance requested and, if so, whether such Advance shall be for the Requested Advance Amount or for a lesser amount as determined in the sole option and discretion of the Lender pursuant to Section 2.2 hereof (the "Final Advance Amount"). In the event that the Lender decides in its sole option and discretion to honor any Request for Advance, on the Borrowing Date it will, at the Borrower's option, deliver to the Borrower or an Escrow Agent a certified check payable to the Borrower or its designee in the amount of the Final Advance Amount, deposit proceeds in an amount equal to the Final Advance Amount to one of the accounts of the Borrower maintained at the Lender pursuant to Section 7.14 hereof, or make available by wire transfer immediately available funds in an amount equal to the Final Advance Amount to the Borrower at an account designated in the Request for Advance. The proceeds of each Advance made by the Lender hereunder shall be deemed to be trust funds and shall be disbursed by the Borrower or such Escrow Agent directly to or for the account of the mortgagor or Co-Op Loan borrower of the applicable Mortgage or Co-Op Loan and the maker of the applicable Mortgage or Co-Op Note.

Procedures for Making Advances. (a) If the Company desires to obtain an Advance hereunder, other than the Initial Advance, the Company shall deliver a Notice of Borrowing to the Note Purchaser and to the Facility Administrator, specifying the amount of Advance requested and the requested Advance Date, not later than 3:30 p.m., New York City time, two (2) Business Days prior to the requested Advance Date for any Loans which are not Wet Funded Loans, and (ii) 4:30 p.m., New York City time, one (1) Business Day prior to the Advance Date for any Loans which are Wet Funded Loans. Each Notice of Borrowing shall (i) specify the requested Advance Date, (ii) include a Mortgage Loan Tape in electronic form containing detailed information with respect to the Loans (other than the Wet Funded Loans) that the Company proposes to pledge to the Note Purchaser and to be included in the Borrowing Base in connection with such Notice of Borrowing, and (iii) attach a different certificate of the Company as required by Section 6.02(c) hereof. With respect to Wet Funded Loans, the Company shall provide the Note Purchaser with (i) a detailed listing of the Wet Funded Loans the Company proposed to pledge by 9:00 a.m. New York City time on the related Advance Date and (ii) a final listing of the Wet Funded Loans the Company proposed to pledge by 4:00 p.m. New York City time on the related Advance Date. (b) If on the designated Advance Date the conditions of this Agreement (including those of the related Notice of Borrowing) have been either satisfied by the Company or waived by the Note Purchaser, the related Advance Amount shall be funded on such Advance Date by the Note Purchaser. Each Advance shall be made available to the Company in immediately available funds to the account identified by the Company against delivery by the Company to the Note Purchaser of a Secured Note, duly executed on behalf of the Company by the Facility Administrator, in a Principal Amount equal to the Advance Amount. (c) In the case of a Loan which is not a Wet Funded Loan, the Company shall release to the Custodian, no later than 7:30 a.m. Pacific time, two (2) Business Days (or such later time as the Custodian and the Company may agree) prior to the requested Advance Date, the Custodial Loan File pertaining to each Loan to be pledged to the Note Purchaser and included in the Borrowing Base on such requested Advance Date, in accordance with the terms and conditions hereof and of the Custodial Agreement. (d) With respect to each Loan w...

Procedures for Making Advances