Conditions to the Disbursement Sample Clauses
The "Conditions to the Disbursement" clause defines the specific requirements that must be satisfied before funds are released under an agreement. Typically, these conditions may include the submission of certain documents, achievement of project milestones, or fulfillment of legal and regulatory obligations by the recipient. By clearly outlining these prerequisites, the clause ensures that disbursement only occurs when all agreed-upon criteria are met, thereby protecting the interests of the disbursing party and reducing the risk of premature or improper payment.
Conditions to the Disbursement. The obligation of the Lenders to make the Disbursement shall be subject to the satisfaction (or written waiver) of the following conditions in a manner satisfactory to each Lender:
(a) Agent and the Lenders shall have received (i) executed counterparts of this Agreement and each other Facility Document set forth on the closing checklist attached hereto as Exhibit B, other than those that are specified therein as permitted to be delivered after the Closing Date and (ii) an original Convertible Note duly executed and delivered by the Borrower;
(b) each Lender shall have received a certificate from an Responsible Officer of the Borrower certifying that all of the conditions set forth in this Section 4.1 have been, or contemporaneously with the funding of the Disbursement will be, satisfied;
(c) a favorable legal opinion of DLA Piper LLP, counsel to the Loan Parties, addressed to the Lender and the Agent, as to such matters concerning the Loan Parties and the Facility Documents as the Lender may reasonably request;
(d) the administrative fees required to be paid pursuant to Section 2.8 and all other fees required to be paid on the Closing Date pursuant to this Agreement and the other Facility Documents and all costs and expenses required to be paid on the Closing Date (including pursuant to Section 8.2) pursuant to this Agreement and the other Facility Documents, in the case of costs and expenses, to the extent invoiced at least one (1) Business Day prior to the Closing Date, shall have been, or substantially contemporaneously with the Disbursement shall be, paid (which amounts, at the sole option of the Lenders, may be offset against the proceeds of the Disbursement);
(e) Agent and the Lenders shall have received at least three (3) Business Days prior to the Closing Date all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act, that has been reasonably requested by Agent or any Lender at least ten (10) days in advance of the Closing Date, which shall include a duly executed IRS Form W-9; and
(f) such other conditions, documents and deliverables that Agent or any Lender may reasonably request shall have been satisfied or delivered, as applicable.
(g) no Default or Event of Default shall have occurred or could reasonably be expected to result from such Disbursement or the use of the proceeds therefrom;
(h) immediately prior to a...
Conditions to the Disbursement. The obligation of the Lenders to make the Disbursement shall be subject to the fulfillment of the following conditions:
(a) The Lenders shall have received executed counterparts of the Transaction Documents from the Borrower, a certificate as to Organizational Documents, resolutions, incumbency and an opinion of its counsel reasonably acceptable to the Lenders;
(b) All actions required to be taken by the Borrower pursuant to Section 2.10 shall have been taken;
(c) The Borrower shall have executed and delivered to the Lenders the Registration Right Agreement; and
(d) No Default or Event of Default has occurred or would result from the Disbursement.
Conditions to the Disbursement. The obligation of the Lenders to make the Disbursement shall be subject to the satisfaction (or written waiver) of the following conditions in a manner satisfactory to each Lender:
Conditions to the Disbursement. The obligation of the Lender to make the Disbursement is subject to the receipt by the Lender of each of the following documents, each of which shall be satisfactory to the Lender in form and substance:
Conditions to the Disbursement. The obligation of the Lenders to make the Disbursement shall be subject to the fulfillment of the following conditions: (a)The Lenders shall have received executed counterparts of the Loan Documents from the Borrower and its Subsidiaries, and the other documents and deliveries set forth on the Closing Checklist attached hereto as Exhibit C; (b) No Event of Default shall have occurred and be continuing; (c) All of the representations and warranties set forth in Section 3.1 shall be true and correct in all material respects (except for representations or warranties which relate to a specific date, in which case such representations and warranties shall have been true and correct in all material respects as of such date); and (d) All existing Indebtedness of Borrower to the Existing Lenders pursuant to the Existing Loan Documents shall be satisfied with the proceeds of the Loans on the Agreement Date. 51 141540134
Conditions to the Disbursement. The obligation of the Lenders to make the First Disbursement shall be subject to the fulfillment of the following conditions:
(a) The Lenders shall have received executed counterparts of the Loan Documents from the Borrower and its Subsidiaries, a certificate as to Organizational Documents, resolutions, incumbency and an opinion of its counsel reasonably acceptable to the Lenders;
(b) All actions required to be taken by the Borrower pursuant to Section 2.10 shall have been taken;
(c) No Default or Event of Default shall have occurred or would result from the Disbursement;
(d) All of the representations and warranties set forth in Section 3.1 shall be true and correct; and
(e) The holders of the Borrower’s 10% Subordinated Convertible Promissory Notes shall have exercised their right to convert the outstanding principal and accrued interest under such notes into equity securities of the Borrower or will be repaid in full from the proceeds of the First Disbursement.
Conditions to the Disbursement. The obligation of the Agency to make the Disbursement is conditioned upon the occurrence of each of the following:
(a) The Grantee shall have provided to the Agency, in form and substance satisfactory to the Agency, evidence that the Grantee has applied for and has obtained, or is pursuing and will obtain, all governmental approvals and consents required for the construction of the Work;
(b) The Grantee shall have submitted to the Agency a Disbursement Request pursuant to Section 6.3 hereof;
(c) The Grantee shall have provided to the Agency, in form and substance satisfactory to the Agency, each document, certificate and instrument required from Grantee under this Agreement;
(d) The Agency shall have received a satisfactory inspection from the City;
(e) The Grantee shall have provided to the Agency, in form and substance satisfactory to the Agency, an updated Project Budget showing the amount of money actually spent by the Grantee on particular items and the remaining costs of the Work;
(f) The Grantee shall have provided to the Agency, in form and substance satisfactory to the Agency, any such other document, instrument, information, agreement or certificate the City may require; and
(g) The Grantee shall have completed each of the Projects Completion Conditions set forth in Section 5.1 hereof.