OR WILL BE MADE UNDER A LETTER OF CREDIT OR
TRI-PARTY AGREEMENT, AGENT SHALL NOTIFY EACH LENDER BY FACSIMILE OR ELECTRONIC
(E-MAIL) TRANSMISSION OF THE PROPOSED BORROWING, DRAWING OR DEMAND.
EXCEPT AS
PROVIDED IN SECTION , NOT LATER THAN NOON ON THE FUNDING DATE SPECIFIED
IN THE NOTICE OF BORROWING (OR THE ANTICIPATED DATE OF THE HONORING OF ANY SUCH
DRAWING OR DEMAND, AS SPECIFIED IN AGENT'S NOTICE TO THE LENDERS), EACH LENDER
SHALL WIRE TRANSFER TO SUCH ACCOUNT OF AGENT AS AGENT SHALL DESIGNATE AN AMOUNT
IN IMMEDIATELY AVAILABLE FUNDS EQUAL TO THE AMOUNT OF EACH LENDER'S PRO RATA
SHARE OF THE LOAN OR LETTER OF CREDIT ADVANCE TO BE MADE TO OR FOR THE ACCOUNT
OF BORROWERS ON SUCH FUNDING DATE.
AGENT SHALL CAUSE SUCH LOANS TO BE MADE
AVAILABLE TO THE REQUESTING BORROWER ON THE FUNDING DATE PERTAINING THERETO BY
DEPOSITING THE AMOUNT THEREOF IN THE DESIGNATED ACCOUNT OF SUCH BORROWER WITH
AGENT; PROVIDED, THAT IF THE NOTICE OF BORROWING RELATES TO A REQUEST FOR AN
ADVANCE TO FUND THE ACQUISITION OF REAL ESTATE, LOTS OR UNITS, THE AMOUNT OF THE
ADVANCE SHALL BE DEPOSITED INTO THE ESCROW ACCOUNT OR SIMILAR ACCOUNT FOR THE
TITLE COMPANY OR TITLE CLERK CONDUCTING THE SETTLEMENT WITH RESPECT TO THE REAL
ESTATE, LOTS OR UNITS BEING ACQUIRED IN COMPLIANCE WITH SECTION 2.13.
EACH LENDER SHALL MAKE THE AMOUNT OF ITS PRO RATA SHARE OF THE
LOAN OR LETTER OF CREDIT ADVANCE AVAILABLE TO AGENT, IN SAME DAY FUNDS, NOT
LATER THAN NOON ON THE FUNDING DATE, BY WIRE TRANSFER TO SYNDICATION AGENCY
SERVICES, 201 S. COLLEGE STREET, CHARLOTTE, NORTH CAROLINA, ABA #053 000 219,
ACCOUNT #5000000061196, REF. ORLEANS HOMEBUILDERS, INC. (OR TO SUCH OTHER
ACCOUNT AS AGENT MAY FROM TIME TO TIME ADVISE THE LENDERS BY WRITTEN NOTICE).
UNLESS AGENT SHALL HAVE BEEN NOTIFIED BY ANY LENDER PRIOR TO ANY FUNDING DATE IN
RESPECT OF ANY REQUESTED LOAN OR OF SUCH LETTER OF CREDIT ADVANCE THAT SUCH
LENDER DOES NOT INTEND TO MAKE AVAILABLE TO AGENT SUCH LENDER'S PRO RATA SHARE
OF THE REQUESTED LOAN OR OF SUCH LETTER OF CREDIT ADVANCE ON SUCH FUNDING DATE,
AGENT MAY ASSUME THAT SUCH LENDER HAS MADE SUCH AMOUNT AVAILABLE TO THE
REQUESTING BORROWER ON SUCH FUNDING DATE AND AGENT IN ITS SOLE DISCRETION MAY,
BUT SHALL NOT BE OBLIGATED TO, MAKE AVAILABLE TO THE REQUESTING BORROWER A
CORRESPONDING AMOUNT ON SUCH FUNDING DATE BY DEPOSITING THE PROCEEDS THEREOF IN
THE DESIGNATED DEPOSIT ACCOUNT OF THE REQUESTING BORROWER WITH AGENT.
IN SUCH
EVENT, IF A LENDER HAS NOT IN FACT MADE ITS PRO RATA SHARE OF THE REQUESTED LOAN
OR OF SUCH LETTER OF CREDIT ADVANCE, AVAILABLE TO AGENT, THEN THE APPLICABLE
LENDER AND BORROWERS SEVERALLY AGREE TO PAY TO
30
AGENT FORTHWITH ON DEMAND SUCH CORRESPONDING AMOUNT, WITH INTEREST THEREON, FOR
EACH DAY FROM AND INCLUDING THE DATE SUCH AMOUNT IS MADE AVAILABLE TO BORROWERS
TO BUT EXCLUDING THE DATE OF PAYMENT TO AGENT, AT (I) IN THE CASE OF A