Disbursement and Use Sample Clauses

Disbursement and Use. (a) You authorise the Bank to pay any amount in such manner and upon such terms and conditions as the Bank reasonably deems fit, to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or other person responsible for or concerned with the sale or construction of the Property. An acknowledgement of receipt of such payment made by the Bank from the recipient will be deemed to have been made or given by you personally. (b) You acknowledge and agree that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to a third party to disburse the Facility and has received the relevant invoice(s) or redemption statement(s) in accordance with the Sale and Purchase Agreement. (c) You authorise the Bank to withhold the disbursement of the Facility if the relevant developer or vendor, builder or contractor fails to honour its obligations under any relevant contract and/or undertaking or if in the Bank’s opinion, the developer or vendor or builder or contractor or the Security Party is or are in breach of any relevant contract relating to the Property. (d) If an Event of Default or potential Event of Default has occurred or is about to occur and has not been remedied after a written notice of seven (7) days has been given, the Bank is not obliged either in law or in equity to make or continue to make any disbursement of the Facility. (e) In consideration of the Bank agreeing to provide customary undertakings to third parties in such form as the Bank may decide (including but not limited to any financial institution, developer or vendor or their respective solicitors), you undertake to indemnify the Bank for all costs, expenses, claims and demands suffered by or made on the Bank in connection with or arising from the issuance or performance of such undertakings. (f) You undertake that you will not and will ensure that the Security Party will not, permit any other person to directly or indirectly utilise any part of the Facility to fund any trade, business or activities which: (a) involve or is for the benefit of any Restricted Party, or (b) would reasonably be expected to result in you or the Security Party being in breach of any Sanctions (if to the extent applicable to either of them) or becoming a Restricted Party.
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Disbursement and Use. (a) The Borrower must fulfil each condition precedent set out in the Letter of Offer and any additional conditions precedent stated in Schedule 3, otherwise the Facility may be cancelled by the Bank. (b) The Borrower authorises the Bank to disburse the Facility to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or such other person responsible or in accordance with the Letter of Offer. The disbursements shall be used to facilitate the purchase, construction, redemption or financing of the Property (as applicable), whether by progressive releases or otherwise, and in accordance with the applicable schedule of payments or any variation to the same. An acknowledgement of receipt of such payment(s) by the recipient shall be as effective as if given by the Borrower personally.
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Disbursement and Use. (a) The Borrower authorises the Bank to pay any amount in such manner and upon such terms and conditions as the Bank deems fit, to any financial institution, firm of solicitors, developer, vendor, court, builder, contractor, architect or such other person responsible for or concerned with the sale of the Property or the construction of the Property, at such times, in such manner, in such amounts, and upon such contingencies and conditions as the Bank may in its absolute discretion decide, and/or by progressive releases or otherwise in accordance with the schedule of payments or such variation as the Bank may deem fit. An acknowledgement from the recipient shall be deemed as if the same had been made or given by the Borrower personally. (b) The Borrower acknowledges and agrees that the Bank is unable to defer or stop disbursement of any amounts under the Facility if the Bank has already given an undertaking to disburse the Facility.
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Related to Disbursement and Use

  • Disbursement of the Loan ● Disbursements will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization and Agreement and the general requirements of SBA. ● Disbursements may be made in increments as needed. ● Other conditions may be imposed by SBA pursuant to general requirements of SBA. ● Disbursement may be withheld if, in SBA’s sole discretion, there has been an adverse change in Borrower’s financial condition or in any other material fact represented in the Loan application, or if Borrower fails to meet any of the terms or conditions of this Loan Authorization and Agreement. SBA Loan #9602737402 Application #3300498906 ● NO DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION AND AGREEMENT UNLESS SBA, IN ITS SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD. ● This Loan Authorization and Agreement will be binding upon B▇▇▇▇▇▇▇ and B▇▇▇▇▇▇▇’s successors and assigns and will inure to the benefit of SBA and its successors and assigns.

  • Disbursement to Borrower Borrower may request and 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 re-borrowed.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.

  • Disbursement (a) Each Loan shall be made by the relevant Lender from such Lender’s branch or affiliate identified as its Applicable Lending Office. (b) The failure of any Lender to make any Loan to be made by it on the Borrowing Date therefor shall not relieve any other Lender of its obligation to make its Loan or Loans on such date, but neither any Lender nor the Administrative Agent shall be responsible for the failure of any other Lender to make a Loan to be made by such other Lender. (c) The Administrative Agent may, but shall not be required to, advance on behalf of any Lender the amount of such Lender’s Loan to be made on a Borrowing Date, unless such Lender shall have notified the Administrative Agent prior to such Borrowing Date that it does not intend to make such Loan on such date. If the Administrative Agent makes any such advance, the Administrative Agent shall be entitled to recover the amount so advanced on demand from the Lender on whose behalf such advance was made and, if such Lender does not pay the Administrative Agent the amount of such advance on demand, the Borrower agrees promptly to repay such amount to the Administrative Agent. Until such amount is repaid to the Administrative Agent by such Lender or the Borrower, such advance shall be deemed for all purposes to be a Loan made on such Borrowing Date by the Administrative Agent. The Administrative Agent shall be entitled to recover from the Lender or the Borrower, as the case may be, interest on the amount advanced by it for each day from the Borrowing Date therefor until repaid to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate until the third Business Day after the date of the advance and, thereafter, at the rate per annum equal to the relevant rate on Loans made on the relevant Borrowing Date.

  • Disbursements, Reimbursement (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to noon (New York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by the LC Bank. In the event the Borrower fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by noon (New York City time) on the Drawing Date (including because the conditions precedent to a Loan requested by the Borrower pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify each LC Participant thereof. Any notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing; provided that the lack of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such oral notice. (b) Each LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in immediately available funds equal to its Pro Rata Share of the amount of the drawing (a “Participation Advance”), whereupon the LC Participants shall each be deemed to have made a Loan to the Borrower in that amount. If any LC Participant so notified fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by 2:00 p.m. (New York City time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment, from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after the fourth day following the Drawing Date. The LC Bank will promptly give notice to each LC Participant of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect such payment on such date shall not relieve such LC Participant from its obligation under this clause (b). Each LC Participant’s Commitment shall continue until the last to occur of any of the following events: (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding and uncancelled or (C) all Credit Parties have been fully reimbursed for all payments made under or relating to Letters of Credit.