Closing Draw definition
Examples of Closing Draw in a sentence
At Closing Lender will fund the Loan by wire transfer in accordance with the instructions contained in the Closing Draw Request.
Lender does not have and is not undertaking any obligation whatsoever to Borrower to verify the source of the Closing Draw Request or to detect errors in transmission or content, including discrepancies between account names and numbers.
Lender shall be entitled to fully rely and act on the Closing Draw Request and shall have no duty to verify the content or accuracy of information contained therein, the authority of the person executing the Closing Draw Request or the identity of the sender thereof.
On a monthly basis, Developer shall be entitled to draw an amount equal to the full Development Fee divided by twenty-four (24) (the "Pre-Construction Loan Closing Draw").
On a monthly basis, beginning on December 1, 2015, Developer shall be entitled to draw an amount equal to the full Development Fee divided by twenty-four (24) (each a "Pre-Construction Loan Closing Draw").
Lender shall have absolutely no duty or obligation to disburse the Initial Advance or any Earnout Advance unless and until Borrower has first submitted to Lender a properly completed and executed Closing Draw Request, with respect to the Initial Advance, or Earnout Advance Request, with respect to any Earnout Advance (each an “Advance Request”).
At Closing, Lender will fund the Initial Advance by wire transfer in accordance with the instructions contained in the Closing Draw Request for the Initial Advance.
Capitalized terms used in this Closing Draw Request (the “Draw Request”) and not defined herein have the meanings given thereto in the Agreement.
Exhibit C of the Original Agreement is hereby amended and restated as follows (underlined text reflects amended language): EXHIBIT C BORROWING BASE DETERMINATION Closing Draw: An initial draw of $1,456,818 less closing costs of the Note and capitalized interest, will be available at closing.
Borrower must satisfy all conditions and requirements in this Agreement before Lender has any obligation to disburse any Loan proceeds.* If Borrower has started the Work before the Closing, any pre-Closing draw request submitted by Borrower relating to the Work must comply with all the requirements of this Agreement before Lender has any obligation to fund any post- Closing Draw Request.