Draw Requests. As a condition to each draw request or other request for an advance hereunder and each receipt of the funds requested thereby, Borrowers’ representations and warranties set forth in this Agreement shall be true and correct as of the date of the draw request or other request for an advance and, unless Lender is notified to the contrary prior to the disbursement of the advance requested, will be so on the date of the disbursement.
Draw Requests. Before Lender becomes obligated to make any disbursement, it must receive a written request signed by Borrower using the form attached hereto as EXHIBIT Q ("DRAW REQUEST"), which Draw Request shall be sent to Lender at the address set forth in Section 8.3 hereof, accompanied by such documentation and information set forth in Sections 2.1(a) and (b) above, and Section 2.1(c) in the case of the final disbursement, or as otherwise requested by Lender. All such documentation and information must be acceptable in form and substance to Lender in the exercise of its reasonable judgment. In the event the Draw Request is so approved, Lender shall disburse directly to Borrower (or directly to General Contractor if Borrower so requests) such Loan funds equal to (a) the sum due pursuant to the Draw Request, to the extent that such sum is in the Budget (or a modification thereof which is approved in writing by Lender, in accordance with the reasonability standard set forth above), less (b) ten percent (10%) thereof to be retained by Lender until final payment shall be due and owing, provided, however, that subsequent to completion of fifty percent (50%) of the value of the Improvements, if in Lender's and Borrower's judgement, the Improvements are satisfactorily progressing and such progress continues, the future retainage shall be reduced to five percent (5%); provided, however that if at any time thereafter, in Lender's reasonable judgment, the Improvements are no longer satisfactorily progressing, the retainage will, from and after the next disbursement after notice thereof from Lender setting forth the reasons for its determination, unless satisfactory progress is subsequently restored, be ten percent (10%); provided, however, that if a Draw Request shall have been submitted prior to Borrower's receipt of such notice, then the increase in retainage will be postponed until the following disbursement. Notwithstanding the foregoing, if such disbursement would cause the total amount disbursed under the Loan, including accrued interest thereon, to exceed the Maximum Loan Amount, Lender shall only disburse such amount that, when added to the total amount of the Loan previously disbursed and all interest accrued but unpaid, will increase the Loan balance to equal the Maximum Loan Amount. Despite any other provisions of this or any other Loan Documents, Borrower may submit Draw Requests to Lender no more frequently than once each month, unless Lender has given its prior wr...
Draw Requests. In accordance with the provisions in this Section, the Lenders will make Advances to the Borrower from time to time on any Business Day on and after the Closing Date until and including the last Business Day before the Maturity Date in such amounts as the Borrower may request in accordance with this Section 2.1, up to the Commitment Limit, and the Borrower may make borrowings, repayments and reborrowings in respect thereof. Each Advance (whether a LIBO Rate Advance or a Base Rate Advance) shall be in a minimum amount of $250,000.00 and integral multiples of $250,000.00 in excess of that minimum amount. Requests for Advances in substantially the form of Exhibit C (or other writing acceptable to the Agent) must be made by written notice from the Borrower sent to the Agent by mail, courier or facsimile in accordance with Section 10.1, specifying the amount of the Advance, subject to Section 2.12. A request shall be fully authorized by the Borrower if made by any one of Xxxxx Xxxxxxx or Xxx Xxxxxxxxx Xx. or other individual designated by the Borrower as an authorized person in accordance with resolutions of the Board of Directors of the Borrower certified to the Agent. The Agent and the Lenders may rely fully and completely upon the authority of the signatory of such request or confirmation unless such authority is terminated by written notice to the Agent, and any such termination shall be effective only prospectively. The request for any Advance by the Borrower shall constitute a certification by the Borrower that all of the representations and warranties contained in Article 4 (other than those representations and warranties, if any, that are by their specific terms limited in application to a specific date) are true and correct as of the date of such request and also as of the date of the Advance.
Draw Requests. Concurrently with a Draw Request for any Advance of Loan proceeds (other than Advances that, pursuant to this Agreement, may be made without a Draw Request), Borrower shall furnish to Lender a Draw Request together with such other forms and Schedules Of values as may from time to time be approved or required by Lender, duly signed and sworn to by Borrower, with all blanks appropriately filled in.
Draw Requests. (a) Subject to the provisions of this Agreement, with respect to any Draw requested hereunder, Borrower may elect to request a Draw not later than 11:00 a.m., New York City time, two (2) Business Days prior to the date any such Draw is to be effective.
Draw Requests. Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signers in the form attached hereto as Schedule 2 and submitted to Bank of America, N.A. for funding to Lender's disbursement account. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703, and shall be reviewed by the Construction Consultant, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.
Draw Requests. Concurrently with a Draw Request for any Advance of Loan proceeds (other than Advances that, pursuant to this Agreement, may be made without a Draw Request), Borrower shall furnish to Lender a Draw Request together with an updated Borrowing Base Certificate and such other forms and schedules of values as may from time to time be approved or reasonably required by Lender, duly signed and sworn to by Borrower, with all blanks appropriately filled in. Borrower shall be entitled to submit no more than two (2) Draw Requests for each Calendar Month.
Draw Requests. At least three (3) days prior to each Loan disbursement by Bank, Borrower must submit to Bank a Request for Disbursement on a form acceptable to Bank, which shall include:
Draw Requests. Subject to the requirements of any Subordination Documentation, advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by Lender. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, signed by the General Contractor and, if requested by Lender, approved by the Architect. Draw requests for Project Costs shall show the percentage of completion of construction and shall set forth in such detail as may be required by Lender. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may require to assure that amounts requested are to be used to reimburse Borrower for Project Costs previously paid by Borrower or to pay Project Costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. In the event that the Loan is fully disbursed prior to disbursement in full of any First Construction Loan and/or any Mezzanine Financing (the “Subsequent Financing”), then Borrower covenants and agrees to use commercially reasonable efforts to request pursuant to any Subordination Documentation or other applicable intercreditor documentation that Lender be copied on all draw requests in connection with disbursements under such Subsequent Financing.
Draw Requests. All draw requests for construction costs and draws on the operating loss reserve (to the extent required) shall be submitted to Owner for review and payment; provided that, to the extent to be paid pursuant to the Construction Loan, Owner will then submit such requests to lender within ten (10) business days of receipt for payment (absent an Owner objection to the matters contained therein) and be paid by Lender within five (5) business days of submission to Lender pursuant to the draw procedures established by the Construction Loan. For draw requests to be funded from Owner’s equity, all draw requests shall be submitted to Owner for review and, absent any Owner objection to the matters contained therein, shall be paid within ten (10) business days. If there are any disputed items within a draw request, all other items will be paid or forwarded to the Lender for payment, to the extent consistent with the draw requirements under the Construction Loan.
