CAUSE TO BE
EXPENDED) THE EQUITY INFUSION ON BUILDING LOAN COSTS OR PROJECT LOAN COSTS.
AGENT SHALL SUFFER NO PENALTY OR LIABILITY TO ANY BORROWER ENTITY UNDER THIS
SECTION 4.04(B) (INCLUDING FOR FAILURE TO GIVE ANY NOTICE PROVIDED FOR UNDER
THIS SECTION 4.04(B)).
(C)
ALL EQUITY INFUSIONS ACTUALLY USED TO PAY FOR BUILDING LOAN COSTS
OR PROJECT LOAN COSTS PURSUANT TO THIS SECTION 4.04 SHALL BE DEEMED TO BE, AND
SHALL BE, INITIAL REQUIRED EQUITY FUNDS THAT HAVE BEEN CONTRIBUTED, REGARDLESS
OF WHETHER, AS OF THE DATE SUCH CONTRIBUTION IS MADE, (I) THE CONDITIONS
REFERRED TO IN SECTION 4.04(B) HEREOF HAVE BEEN SATISFIED OR (II) AGENT SHALL
HAVE NOTIFIED BORROWER AND THE NYTC MEMBER IN ACCORDANCE WITH THE FIRST SENTENCE
OF SECTION 4.04(B) HEREOF.
61
SECTION 4.05
INTEREST ADVANCES.
NOTWITHSTANDING THE PROVISIONS OF
SECTIONS 4.01, 4.02 AND 4.03, ADVANCES FOR THE PAYMENT OF INTEREST DUE UNDER THE
PROJECT LOAN NOTES SHALL BE MADE IN ACCORDANCE WITH SECTION 5.03(B) HEREOF.
ARTICLE 5
METHOD OF DISBURSEMENT OF LOAN PROCEEDS
SECTION 5.01
ADMINISTRATION.
AS COMPENSATION FOR SERVING AS
AGENT, BORROWER SHALL PAY AGENT THE ADMINISTRATION FEE.
SECTION 5.02
PROCEDURE FOR ADVANCES.
(A)
SUBMISSION OF DRAW REQUESTS; NOTIFICATION OF LIBOR RATE.
DRAW
REQUESTS MAY BE SUBMITTED TO AGENT NO MORE FREQUENTLY THAN ONCE EVERY FIFTEEN
(15) DAYS AND NOT MORE THAN ONCE PER CALENDAR MONTH.
NOT LESS THAN THREE (3)
BUSINESS DAYS PRIOR TO THE INTENDED ADVANCE DATE, AGENT SHALL DELIVER WRITTEN
NOTICE TO EACH LENDER AT THE ADDRESS SPECIFIED BY EACH LENDER FROM TIME TO TIME,
WHICH NOTICE SHALL INCLUDE THE INTENDED ADVANCE DATE AND SUCH LENDER'S RATABLE
SHARE OF SUCH ADVANCE.
ON THE BUSINESS DAY IMMEDIATELY PRIOR TO THE START DAY,
AGENT SHALL DELIVER WRITTEN NOTICE TO EACH LENDER AND BORROWER INFORMING EACH
LENDER AND BORROWER OF THE LIBOR RATE FOR THE UPCOMING CALENDAR MONTH INTEREST
PERIOD FOR ALL OUTSTANDING PRINCIPAL AND ANY ADVANCE MADE DURING SUCH INTEREST
PERIOD.
HOWEVER, AGENT SHALL SUFFER NO PENALTY OR LIABILITY TO BORROWER FOR
FAILURE TO GIVE ANY SUCH NOTICE TO BORROWER.
UNLESS OTHERWISE NOTIFIED BY
AGENT, EACH LENDER MAY ASSUME THAT ALL CONDITIONS TO SUCH ADVANCE ARE SATISFIED
ON THE INTENDED ADVANCE DATE.
(B)
DISBURSEMENT PROCEDURES.
(I)
PROVIDED THAT AGENT HAS NOT ELECTED, IN ACCORDANCE WITH SECTION
5.02(B)(II) HEREOF, TO DISBURSE ADVANCES THROUGH THE DISBURSEMENT AGENT IN
ACCORDANCE WITH THE PROCEDURES SET FORTH IN PARAGRAPH 2 OF THE CONSTRUCTION LOAN
DISBURSEMENT AGREEMENT, NOT LATER THAN 11:00 A.M. NEW YORK CITY TIME ON THE
INTENDED ADVANCE DATE, EACH LENDER SHALL MAKE AVAILABLE TO AGENT SUCH LENDER'S
RATABLE PORTION OF SUCH ADVANCE IN SAME-DAY FUNDS AND, IF APPLICABLE, AGENT
SHALL MAKE AVAILABLE, IN SAME DAY FUNDS TO THE EXTENT IN ITS POSSESSION, THE
OTHER FUNDS AND BORROWER SHALL MAKE AVAILABLE TO AGENT ALL OTHER OTHER FUNDS IN
SAME-DAY FUNDS, IN EACH CASE TO THE EXTENT SHOWN IN THE DELIVERY REFERRED TO IN
SECTION 4.02(E)(2) HEREOF, AND UPON FULFILLMENT OF THE APPLICABLE CONDITIONS IN
THIS AGREEMENT AND PARAGRAPH 1 OF THE CONSTRUCTION LOAN DISBURSEMENT AGREEMENT,
AGENT SHALL