Condition for Disbursement Clause Samples

A Condition for Disbursement clause defines the specific requirements that must be met before funds are released under an agreement, such as a loan or grant. These requirements may include providing certain documents, achieving project milestones, or obtaining regulatory approvals. By clearly outlining these prerequisites, the clause ensures that disbursement only occurs when agreed-upon conditions are satisfied, thereby protecting the interests of the party providing the funds and reducing the risk of premature or improper payments.
Condition for Disbursement. Disbursement of grant funds by OPRD is contingent upon OPRD having received sufficient funding, appropriations, limitations, allotments, or other expenditure authority sufficient to allow OPRD, in the exercise of its reasonable administrative discretion, to make the disbursement and upon Grantee’s compliance with the terms of this Agreement.
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Condition for Disbursement. Disbursement of grant funds by OPRD is contingent upon the following: a. OPRD having received sufficient funding, appropriations, limitations, allotments, or other expenditure authority sufficient to allow OPRD, in the exercise of its reasonable administrative discretion, to make the disbursement; b. Grantee’s compliance with the terms of this Agreement, including all Attachments; and c. Grantee’s representations and warranties set forth in Section 15 hereof are true and correct on the date of disbursement with the same effect as though made on the date of disbursement.
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Condition for Disbursement. That the Borrowers have been made to understand that the facility may be withdrawn/ blocked/ freezed/ terminated by IHFL at its sole discretion at any time without assigning any reason thereof. In case of such eventuality, the Borrower will be required to prepay the complete principal outstanding loan amount along with, interest and other charges, as on date of such recall or get it converted in EMI as a term loan.
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Condition for Disbursement a. The loan shall be disbursed subject to satisfactory legal, financial and technical scrutiny and submission of relevant documents/agreements/declarations/affidavits along with post-dated cheques / ECS mandate/ NACH in favour of SPHM and such security documents as may be required by SPHM. b. Pre EMI interest, if any will be deducted from the amount of 1st Tranche disbursement. c. Submission of approved plan / NOC/ construction approval from Panchayat/ competent authorities. d. Fulfilment of conditions specified in Sanction Letter. e. The loan shall be disbursed in one lump sum or in suitable tranches to be decided by SPHM depending upon the progress of construction of the property. All payments shall be made by an online fund transfer facility to the account of the Borrower or with his/her authorization in favour of vendor / developer.
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Condition for Disbursement. No disbursement shall be made from the Grant Account, in respect of any Civil Works and Goods with respect to Component 2, unless and until the Subsidiary Loan Agreement has been duly signed between the Recipient and TDF, in a form and substance satisfactory to ADB. CATEGORY ADB FINANCING Number Item Amount Allocated $ Category Percentage and Basis for Withdrawal from the Grant Account 1 Civil Works and Goods 30,807,000 62 percent of total expenditure 2 Office Equipment and Vehicles 456,000 100 percent of total expenditure* 3 Output Based Aid 665,000 50 percent of total expenditure* 4 Incremental Recurrent Costs 637,000 30 percent of total expenditure 5 Consulting Services and Capacity Development 8,151,000 100 percent of total expenditure* 6 Unallocated 4,384,000 Total 45,100,000 * Exclusive of taxes and duties imposed within the territory of the Recipient.
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Condition for Disbursement. Notwithstanding any other provision of this Loan Agreement, no withdrawals shall be made from the Loan Account until ADB has received the Relending Agreement executed between the Borrower and PEPCO in a form and substance acceptable to ADB. 1 Consulting Services 6,009,000 1A Implementation 3,557,000 100 percent of total expenditure claimed 1B Preparation 613,000 100 percent of total expenditure claimed 1C Monitoring 613,000 100 percent of total expenditure claimed 1D Capacity Building 1,226,000 100 percent of total expenditure claimed 2 Unallocated 123,000 Total 6,132,000
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Condition for Disbursement. Notwithstanding any other provision of this Loan Agreement, no withdrawals shall be made from the Loan Account for the purpose of any Subloan until IDCOL has appointed a risk manager with qualifications, experience and terms of reference acceptable to ADB, to make independent assessments of the Qualified Subprojects proposed for financing and to assist IDCOL with the establishment of a risk management system in accordance with sound international practice.
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Related to Condition for Disbursement

  • Determination to Honor Drawing Request In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, Agent shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

  • Disbursement Requests Except as expressly provided in the Credit Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement. Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made. Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by government authority; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation.

  • Conditions Precedent to Disbursement Agency’s obligation to disburse Grant Funds to Grantee under this Grant is subject to satisfaction of each of the following conditions precedent: 7.2.1 Agency has received sufficient funding, appropriations, expenditure limitation, allotments or other necessary expenditure authorizations to allow Agency, in the exercise of its reasonable administrative discretion, to make the disbursement from the Funding Source; 7.2.2 No default as described in Section 15 has occurred; and 7.2.3 Grantee’s representations and warranties set forth in Section 8 are true and correct on the date of disbursement(s) with the same effect as though made on the date of disbursement.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Notice of Borrowing and Disbursement The Swingline Lender will make Swingline Loans available to the Borrower on any Business Day upon request made by the Borrower not later than 2:00 P.M. (Charlotte, North Carolina time) on such Business Day. A notice of request for Swingline Loan borrowing shall be made in the form of Schedule 2.1(b)(i) with appropriate modifications. Swingline Loan borrowings hereunder shall be made in minimum amounts of $100,000 and in integral amounts of $100,000 in excess thereof.