Requests for Draws Sample Clauses
The "Requests for Draws" clause defines the process by which a borrower can request the disbursement of funds under a loan or credit facility. Typically, this clause outlines the required documentation, timing, and conditions that must be met before a draw request is approved, such as submitting a formal written notice and confirming that all conditions precedent have been satisfied. Its core practical function is to ensure that funds are only released in accordance with agreed procedures, thereby protecting the lender and providing a clear, orderly mechanism for accessing loan proceeds.
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Requests for Draws. To request a Draw, the Issuer (or the Servicer on behalf of the Issuer) shall notify the Class A-2 Agent (with a copy to the Trustee and the Class A-2 Noteholders) (each such notice, a “Draw Request”) of such request by telephone or electronic messaging system not later than 11:00 a.m. (Boston, Massachusetts time), on the Business Day of the proposed Draw. Each such telephonic or electronic Draw Request shall be irrevocable and shall be confirmed promptly by fax or hand delivery to the Class A-2 Agent (with a copy to the Trustee and the Class A-2 Noteholders) of a written Draw Request in the form of Exhibit B hereto and signed by the Issuer (or the Servicer on behalf of the Issuer). Each such Draw Request shall specify the following information in compliance with Section 2.02 of this Agreement and Section 10.06 of the Indenture:
(a) the aggregate amount of the requested Draw; and
(b) the date of such Draw, which shall be a Business Day. Promptly following receipt of a Draw Request, on the date of receipt of a Draw Request for a Draw, the Class A-2 Agent shall forward (by fax or electronic messaging system) to each Holder (with a copy to the Trustee) a copy of such Draw Request and of the amount of such Holder’s Advance to be made as part of the requested Draw. Any Draw Request received by the Class A-2 Agent after 11:00 a.m. (Boston, Massachusetts time) on any Business Day or on a day which is not a Business Day shall be deemed to be a Draw Request received at 9:00 a.m. on the next Business Day and to be funded on such next Business Day by the Holders of Class A-2 Notes.
Requests for Draws. For each draw under the Construction Escrow Account, Borrower shall deliver to Lender, a draw request for construction costs in accordance with the Construction Budget, in form reasonably satisfactory to Lender (the “Draw Request”), and stating the amount of disbursement requested, at least ten (10) days before the requested date of disbursement. Each Draw Request shall be approved and signed by Borrower and Lender’s Inspector and shall be accompanied by billing statements, vouchers and invoices as required by Lender or Lender’s Inspector. Lender will release funds from the Construction Escrow Account for the actual costs incurred for construction of the MOB within the estimates set forth in the Construction Budget. Each Draw Request will expressly warrant that the work for which the advance is requested has been performed in all material respects in accordance with the Plans and Specifications and is for actual costs incurred for the construction of the MOB within the estimates set forth in the Construction Budget. Each Draw Request shall constitute an affirmation made by Borrower that Borrower is not in breach of its obligations under this Agreement and that no Default, or any event that with the passage of time would be a Default, has occurred and is continuing. Each Draw Request shall constitute an affirmation that Borrower’s portion of all previously incurred construction costs have been paid in all material respects. Each Draw Request is subject further to the following conditions:
11.3.1. each of the conditions in Section 11.2 shall have been satisfied;
11.3.2. proof, satisfactory to Lender, that all invoices for labor and materials have been paid, except those contained in the current Draw Request;
11.3.3. a list of every material subcontractor who provided labor and/or materials relating to the current Draw Request;
11.3.4. lien waivers from the general contractor and each of the subcontractors contained in the list provided to Lender referenced above in Section 11.3.2;
11.3.5. lien waivers and/or lien releases from payees under previous Draw Requests if not previously submitted;
11.3.6. any written approval required from the USDA for Lender to fund the current Draw Request;
11.3.7. a report signed by Borrower’s Architect, and by Lender’s Inspector, which shall specify the estimated percentage of completion of the MOB, together with detailed comments on the specific work performed since the date of the last report rendered to Lender, and which wil...
Requests for Draws a. Subject to the Step-Down and Roll-Off provisions in the Credit Agreement, Payee shall make advances of the proceeds of this Note to Maker prior to the Maturity Date if Payee receives, at the time and in accordance with the terms of Article 6 of the Credit Agreement, a written draw request (“Draw Request”) in the form set forth on Exhibit 2 attached to the Credit Agreement, specifying the amount of the Draw and the reasons therefor as set forth in Article 5 of the Credit Agreement.
b. Each Draw Request, which will be irrevocable once received, must be received by Payee not later than 3:00 p.m., West Lafayette, Indiana time, at least ten (10) days prior to the day on which such Draw is to be made. All notices, (including Draw Requests) received by the Payee after 3:00 p.m. West Lafayette, Indiana time (or such other time as is specified in any section hereof) on a Business Day shall be deemed received on the next Business Day.
c. Payee shall advance to Maker the amount so requested unless Payee determines that, as of the date of such Draw Request, any term or condition of the Credit Agreement is not fulfilled or Maker is in default under the Credit Agreement. All Draws will be made to Maker by wire transfer to Maker’s bank account, or by such other method as the Parties may from time to time agree.