LABOR, GOODS, MATERIAL AND/OR
SERVICES IN CONNECTION THEREWITH.
(D)
OTHER DOCUMENTS.
SUCH DOCUMENTS, LETTERS, AFFIDAVITS, REPORTS AND
ASSURANCES, AS AGENT OR AGENT'S COUNSEL MAY REASONABLY REQUIRE.
SECTION 4.04
Contributions of Initial Required Equity Funds.
(A)
UNTIL SUCH TIME AS ALL INITIAL REQUIRED EQUITY FUNDS HAVE BEEN
CONTRIBUTED AND THE INITIAL CONSTRUCTION ADVANCE IS MADE, BORROWER SHALL, AT
LEAST ONE (1) TIME PER CALENDAR MONTH (AND, IN ANY EVENT, AT LEAST TEN (10)
BUSINESS DAYS PRIOR TO ANY DATE (AN "EQUITY INFUSION DATE") ON WHICH BORROWER
DESIRES TO (I) OBTAIN PROCEEDS OF THE EQUITY CONTRIBUTION FOR PURPOSES OF
CONTRIBUTING INITIAL REQUIRED EQUITY FUNDS AND/OR (II) CONTRIBUTE OTHER INITIAL
REQUIRED EQUITY FUNDS (THE AMOUNT THAT BORROWER SO DESIRES, THE "EQUITY
INFUSION")), PROVIDE TO AGENT (Y) THE DOCUMENTS REQUIRED PURSUANT TO
SECTIONS 4.02(E)(1), (2), (4), (5), (8), (9), (10) AND (11), PROVIDED THAT ALL
REFERENCES TO THE
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MAKING OF AN ADVANCE IN SUCH PROVISIONS SHALL INSTEAD BE DEEMED TO BE REFERENCES
TO THE MAKING OF AN EQUITY INFUSION, MUTATIS MUTANDIS AND (Z) A CURRENT TITLE
CONTINUATION SEARCH FOR THE PROPERTY.
(B)
NO LATER THAN THE BUSINESS DAY IMMEDIATELY PRECEDING EACH EQUITY
INFUSION DATE, AGENT SHALL NOTIFY BORROWER AND NYTC MEMBER WHETHER THE
DELIVERIES REQUIRED BY SECTION 4.04(A) HAVE BEEN MADE AND WHETHER, TO THE BEST
OF AGENT'S KNOWLEDGE, THE CONDITIONS SET FORTH IN SECTIONS 4.02(A), (B), (C),
(D), (E) (BUT ONLY TO THE EXTENT THE DELIVERIES REQUIRED PURSUANT THERETO ARE
SUBJECT TO AGENT'S APPROVAL), (F), (G), (I), (J), (K), (L), (M) AND (N) HAVE
BEEN SATISFIED (WITH ALL REFERENCES IN SAID SECTIONS TO AN ADVANCE BEING DEEMED
REFERENCES TO THE EQUITY INFUSION, MUTATIS MUTANDIS).
TO THE EXTENT THAT
BORROWER AND/OR NYTC MEMBER SHALL DESIRE TO MAKE ANY EQUITY INFUSION (REGARDLESS
OF WHETHER OR NOT SUCH DELIVERIES SHALL HAVE BEEN MADE AND/OR CONDITIONS SHALL
HAVE BEEN SATISFIED), BORROWER AND/OR NYTC MEMBER SHALL EXPEND (OR 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.
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
Building 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)