Funding Requisition definition
Examples of Funding Requisition in a sentence
Together with the Funding Requisition, the Lessee shall submit to the Lender a requisition using AIA Form G702 and 703 accompanied by a cost breakdown, the accuracy of which shall be certified by the Lessee, the Architect and the General Contractor, and such other information and documentation required hereunder.
Notwithstanding anything to the contrary contained herein, the Funding Date with respect to any Funding Requisition shall be a Loan Payment Date, except that a Funding Requisition which requests a Loan Advance for a Base Rate Loan may request a Funding Date with respect to such Loan Advance on any Business Day.
Each Funding Requisition shall constitute a representation and warranty by the Lessee to the Lender and the Lessor that all the conditions precedent to such Funding have been satisfied, including but not limited to those contained in Section 3.3 hereof.
Each Funding Requisition shall be addressed jointly to the Lessor and the Lender and be substantially in the form attached hereto as Appendix II.
Except as provided in Sections 2.2 (c) and 2.2 (d), Lessor hereby directs the Lender to make disbursements of each Loan Advance and each Contribution Advance directly to the Lessee or as otherwise directed in the applicable Funding Requisition.
In order to fulfill the Partnership’s obligation to fund the Contribution in accordance with Section 2.2(d) of the Participation Agreement, the Limited Partner shall, concurrently with the funding of the Loan, advance as its Capital Contribution, an amount equal to 100% of the Contribution on the Closing Date in accordance with the disbursement instructions set forth in the Funding Requisition.
As provided in subsection (b) below, the Lender shall from time to time, upon the receipt of a Funding Requisition from the Lessee, make Loan Advances as requested in such Funding Requisition, and the Lessor shall from time to time, make Contribution Advances as requested in such Funding Requisition.
Unless there has been an extension of the redemption date as provided in this subsection, no Funding Requisition requesting a draw upon the Mortgage Loan Fund will be honored after the Completion Date.
In making any disbursement from the Earnings Fund or the Construction Fund pursuant to Subsection 3.3(b) hereof, the Trustee may rely on any Funding Requisition delivered to it pursuant to this Section, and shall be relieved of any liability with respect to the disbursement of funds pursuant to any such Funding Requisition.
Notwithstanding anything to the contrary contained herein, the Funding Date with respect to any Funding Requisition shall be a Loan Payment Date except that a Funding Requisition which requests a Loan Advance for a Base Rate Loan may request a Funding Date with respect to such Loan Advance on any Business Day.