Initial Disbursement Clause Samples
Initial Disbursement. (a) Prior to the Initial Disbursement, the following conditions shall have been satisfied, as determined by Bank:
(i) Borrower and all Loan Parties shall have performed to Bank’s satisfaction all covenants required to be performed under this Agreement or the other Loan Documents on or before the Funding Date.
(ii) No change shall have occurred which could have a material adverse effect on Borrower, any Loan Party, the Property or Bank’s right or ability to receive payment in full of the Loan, as determined by Bank in its sole discretion.
(iii) No Event of Default shall exist.
(iv) Title Insurer shall have committed to deliver to Bank the Title Policy, and arrangements shall have been made satisfactory in all respects to Bank for review by the Title Insurer of Draw Requests, and issuance of endorsements as required by Bank, at Borrower’s cost.
(v) Bank shall have approved in its sole discretion, the Detailed Cost Breakdown, the Project Budget, the Plans, the Construction Contract (if any), the Architect’s Agreement, and any other agreements that Bank determines are material to the construction of the Improvements.
(vi) The Deed of Trust shall have been recorded.
(vii) UCC-1 financing statement(s) covering the Personal Property shall have been filed where appropriate and, if required by Bank, Bank shall have received satisfactory evidence that there are no other liens on such Personal Property, except as otherwise agreed to by Bank.
(viii) If required by Bank, Bank shall have received a list of the names and addresses of all suppliers, laborers and subcontractors with whom agreements in excess of $75,000 (“Major Contracts”) have been made with Contractor and/or Borrower to deliver materials and/or perform work on the Improvements.
(b) Upon satisfaction of the conditions contained in the “CONDITIONS PRECEDENT TO CLOSING OF THE LOAN” Section of this Agreement and “Initial Disbursement” above, Bank shall disburse in accordance with the Project Budget and the Disbursement Schedule the amounts necessary to pay all costs, charges and expenses incurred or to be incurred (as estimated by Bank) in connection with the Loan or payable pursuant to this Agreement or the other Loan Documents, excluding direct costs of labor and materials related to the Improvements, but including without limitation, the Loan Fee, service charges, title charges, tax and lien service charges, recording fees, escrow fees, appraisal fees, legal fees, real property taxes and assessments, insur...
Initial Disbursement. Prior to completion of the Work, the City will pay the Initial Disbursement indicated in Appendix A1 to the Property Owner.
Initial Disbursement. Subject to the satisfaction (or waiver by the Required Lenders) of the conditions set forth in Section 4.1, Section 4.2 and this Section 2.2(a) and subject to the terms in this Agreement and in reliance on the representations and warranties in the Loan Documents, the Borrower shall provide a written notice to each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment in form and substance reasonably satisfactory to each such Lender from an Authorized Officer of the Borrower (certifying that all such aforementioned conditions in this Section 2.2(a) are satisfied or are expected to be satisfied on the proposed date of the funding of the Initial Disbursement) requesting each such Lender fund in a single advance its Pro Rata Initial Disbursement Share of the Initial Disbursement at least five (5) Business Days in advance of the proposed date of the funding of the Initial Disbursement amount by such Lender (or such shorter period agreed to by all such Lenders in their sole discretion) with the proposed date of funding being required to be a single Business Day during the period commencing on (and including) the Agreement Date and ending on (and including) February 25, 2019 (or such earlier date set forth in the proviso of the first sentence of Section 2.3(a) or caused by the Facility Termination Date occurring or any earlier date of termination based on remedies available upon (or at the time of) the occurrence of an Event of Default) (such end date of the Initial Disbursement Commitments, the “Remaining Initial Disbursement Commitment Termination Date”), whereupon each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment severally but not jointly agrees to lend to the Borrower in a single advance on the proposed date of funding, the principal amount (but not less than the principal amount) of the total Initial Disbursement Commitment amount multiplied by the percentage set forth opposite such Lender’s name in Annex A under the heading “Pro Rata Initial Disbursement Share.” Following receipt of such written notice from Borrower pursuant to the above terms in this Section 2.2(a), each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment with a Pro Rata Initial Disbursement Share greater than 0% shall make its Pro Rata Initial Disbursement Share of the Initial Disbursement requested by the Borrower pursuant to such written notice available to the Borrower on the propose...
Initial Disbursement. The Borrower may use the Initial Disbursement, once the following documents have been delivered to the Administrative Agent:
Initial Disbursement. The initial Advance made by Governmental Lender to Borrower pursuant to this Agreement.
Initial Disbursement. The City shall disburse an initial payment equal to one-third (1/3) of the Grant (the “Initial Disbursement”) when the following conditions have been met: A. execution of the Grant Agreement;
Initial Disbursement. The OOGEDT shall disburse to the Company the initial disbursement of the Award in the amount of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Initial Amount”) as soon as practicable following the Effective Date provided that all other requirements prior to receiving any disbursements pursuant to this Agreement have been satisfied.
Initial Disbursement. Subject to satisfaction of the conditions set forth in Sections 3.1 and 12.3, proceeds of the Loan in an amount equal to $255,000,000 (the “Initial Disbursement”) shall be disbursed on the Effective Date to or for the account of Borrower, as directed by Borrower.
Initial Disbursement. Subject to the provisions of Sections 3.1. and 3.2. as herein set forth, the portion of the Loan consisting of the Acquisition Loan Amount shall be disbursed by the Bank to the Borrower at Closing for Land Owner's acquisition of the Land.
Initial Disbursement. Before disbursing any Loan proceeds, the Borrower shall satisfy all conditions precedent noted above and the Administration shall receive all of the items set forth on the Closing Checklist or hereunder, in form and substance acceptable to the Administration.