Common use of Procedures for Requesting Revolving Advances Clause in Contracts

Procedures for Requesting Revolving Advances. On the Funding Date, the Lender shall make the following Revolving Advances (collectively, the "Funding Date Advances"): (a) an initial Revolving Advance of $4,000,000 to the Borrower, (b) a Revolving Advance of $250,000 to the Lender to pre-pay estimated interest coming due under the Revolving Credit Facility for the first three (3) months of the Revolving Credit Facility (the "Prepaid Interest Advance"), (c) a Revolving Advance of $210,000 to the Lender to pay the fees due to the Lender under Sections 2.5.1 and 2.5.2 hereof, and (d) a Revolving Advance of $150,000.00 to the Lender's counsel to pay for the estimated costs and expenses incurred by the Lender in connection with the negotiation and preparation of this Agreement and the other Financing Agreements. Thereafter, the Lender may, in its discretion, make additional Revolving Advances from time to time at the request of the Borrower, provided that (i) such Revolving Advances shall be made no more frequently than once per month and no later than the fifth Business Day of each calendar month, (ii) such request is made in writing at least ten (10) days prior to the date on which such Revolving Advance is to be funded, and is accompanied by an executed Compliance Certificate, (iii) such request shall be for Revolving Advances to pay for costs and expenses incurred in connection with the installation of the COES Installations in accordance with the Build Out Draw Schedule, and (iv) all borrowings after the Funding Date Advances shall be in multiples of $100,000. There shall not be any recourse to, nor liability of, the Lender on account of any of the following: (x) any delay in the Lender's making of, and/or any decline by the Lender to make, any Revolving Advance, (y) any delay in the proceeds of any such Revolving Advance constituting collected funds, and (z) any delay in the receipt, and/or any loss, of funds which constitute a Revolving Advance, the wire transfer of which was properly initiated by the Lender in accordance with wire instructions provided to the Lender by the Borrower. The Lender may rely on any request for a Revolving Advance which the Lender, in good faith believes to have been made by a person duly authorized to act on behalf of the Borrower and may decline to make any such requested Revolving Advance pending the Lender's being furnished with such documentation concerning that person's authority to act as may be satisfactory to the Lender.

Procedures for Requesting Revolving Advances. On the Funding Date, the Lender shall make the following Revolving Advances (collectively, the "Funding Date Advances"): (a) an initial Revolving Advance of $4,000,000 to the Borrower, (b) a Revolving Advance of $250,000 to the Lender to pre-pay estimated interest coming due under the Revolving Credit Facility for the first three (3) months of the Revolving Credit Facility (the "Prepaid Interest Advance"), (c) a Revolving Advance of $210,000 to the Lender to pay the fees due to the Lender under Sections 2.5.1 and 2.5.2 hereof, and (d) a Revolving Advance of $150,000.00 to the Lender's counsel to pay for the estimated costs and expenses incurred by the Lender in connection with the negotiation and preparation of this Agreement and the other Financing Agreements. Thereafter, the Lender may, in its discretion, make additional Revolving Advances from time to time at the request of the Borrower, provided that (i) such Revolving Advances shall be made no more frequently than once per month and no later than the fifth Business Day of each calendar month, unless a Level I Payment or Level II Payment has been received by the Lender, in which case the Borrower may request a Revolving Advance within ten (10) days of such payment being received (even if that would result in more than one advance request in such month), (ii) such request is made in writing at least ten five (105) days prior to the date on which such Revolving Advance is to be funded, and is accompanied by an executed Compliance Certificate, (iii) such request shall be for Revolving Advances to pay for costs and expenses incurred in connection with the installation of the COES Installations in accordance with the Build Out Draw Schedule (it being expressly acknowledged and agreed that the Borrower shall not request any Revolving Advance for such costs and expenses in advance of the month shown for such costs and expenses in the Build Out Draw Schedule, or in excess of the amounts set forth in the Build Out Draw Schedule), and (iv) all borrowings after the Funding Date Advances shall be in multiples of $100,000. There shall not be any recourse to, nor liability of, the Lender on account of any of the following: (x) any delay in the Lender's making of, and/or any decline by the Lender to make, any Revolving Advance, (y) any delay in the proceeds of any such Revolving Advance constituting collected funds, and (z) any delay in the receipt, and/or any loss, of funds which constitute a Revolving Advance, the wire transfer of which was properly initiated by the Lender in accordance with wire instructions provided to the Lender by the Borrower. The Lender may rely on any request for a Revolving Advance which the Lender, in good faith believes to have been made by a person duly authorized to act on behalf of the Borrower and may decline to make any such requested Revolving Advance pending the Lender's being furnished with such documentation concerning that person's authority to act as may be satisfactory to the Lender.

Procedures for Requesting Revolving Advances. On the Funding Date, the Lender shall make the following Revolving Advances (collectively, the "“Funding Date Advances"”): (a) an initial Revolving Advance of $4,000,000 to the Borrower, (b) a Revolving Advance of $250,000 to the Lender to pre-pay estimated interest coming due under the Revolving Credit Facility for the first three (3) months of the Revolving Credit Facility (the "“Prepaid Interest Advance"”), (c) a Revolving Advance of $210,000 to the Lender to pay the fees due to the Lender under Sections 2.5.1 and 2.5.2 hereof, and (d) a Revolving Advance of $150,000.00 to the Lender's ’s counsel to pay for the estimated costs and expenses incurred by the Lender in connection with the negotiation and preparation of this Agreement and the other Financing Agreements. Thereafter, the Lender may, in its discretion, make additional Revolving Advances from time to time at the request of the Borrower, provided that (i) such Revolving Advances shall be made no more frequently than once per month and no later than the fifth Business Day of each calendar month, (ii) such request is made in writing at least ten (10) days prior to the date on which such Revolving Advance is to be funded, and is accompanied by an executed Compliance Certificate, (iii) such request shall be for Revolving Advances to pay for costs and expenses incurred in connection with the installation of the COES Installations in accordance with the Build Out Draw Schedule, and (iv) all borrowings after the Funding Date Advances shall be in multiples of $100,000. There shall not be any recourse to, nor liability of, the Lender on account of any of the following: (x) any delay in the Lender's ’s making of, and/or any decline by the Lender to make, any Revolving Advance, (y) any delay in the proceeds of any such Revolving Advance constituting collected funds, and (z) any delay in the receipt, and/or any loss, of funds which constitute a Revolving Advance, the wire transfer of which was properly initiated by the Lender in accordance with wire instructions provided to the Lender by the Borrower. The Lender may rely on any request for a Revolving Advance which the Lender, in good faith believes to have been made by a person duly authorized to act on behalf of the Borrower and may decline to make any such requested Revolving Advance pending the Lender's ’s being furnished with such documentation concerning that person's ’s authority to act as may be satisfactory to the Lender.