Second Disbursement Clause Samples

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Second Disbursement. On December 31, 2013 (the “Second Scheduled Disbursement Date”) so long as the Employment Condition is satisfied, $209,000 shall be paid to the Executive.
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Second Disbursement. The second disbursement each year corresponding to xx% of the current year’s budget may be done after approval of the annual reports from the previous period.
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Second Disbursement. Following Initial Disbursement, the City shall disburse further payments up to 90% of the total award when the following conditions have been met: A. receipt and approval of the Mid-Construction Report, Mid-Construction Expense Reporting Form and Second Invoice to the City, B. completion of Mid-Construction meeting with the City, and
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Second Disbursement. In order to be eligible for the second disbursement of funding (the “Second Disbursement”), the Recipient must: demonstrate to the IESO that it has spent the First Disbursement in its entirety on Project Expenses through the submission of Proof of Payment in respect of the First Disbursement amounts. submit the following, in addition to any other Deliverables set out in Schedule D to this Agreement: a Request for Funding; an Interim Check-in Report as outlined in Schedule D; and any other information the IESO may request, including any Check-In Reports, in its sole and absolute discretion. Subject to the IESO’s approval of the Request for Funding for the Second Disbursement, and provided that the Recipient is not in breach of any of its obligations under this Funding Agreement, the IESO will pay the Recipient the Second Disbursement in an amount equal to the amount requested by the Recipient in the Request for Funding, which amount shall not exceed the amount that is: 40% of the Maximum Funding Amount; or if the First Disbursement was an amount that was less than 20% of the Maximum Funding Amount: 40% of the Maximum Funding Amount; plus an amount that represents the difference between the amount received under the First Disbursement and 20% of the Maximum Funding Amount (the “First Disbursement Top-up”); provided that the Recipient has provided the IESO with Proof of Payment for Project Expenses in respect of the First Disbursement Top-up, and such Project Expenses were not covered by the First Disbursement.
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Second Disbursement. Provided that all other requirements prior to receiving any disbursements pursuant to this Agreement have been satisfied, the OOGEDT shall disburse to the Company the second half of Award disbursement in the amount of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Additional Amount”) seven (7) months after the Effective Date, unless the Company demonstrates to the OOGEDT’s satisfaction that the disbursement of the Additional Amount should occur sooner based on significant completion of the commercialization milestones set forth on Exhibit C hereto. However, in no event shall the disbursement of the Additional Amount occur sooner than four (4) months after the Effective Date. Texas Emerging Technology Fund Award and Security Agreement
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Second Disbursement. When Borrower has provided to Lender Evidence of Payment (as that term is defined below) that Borrower has paid from its own funds an amount equal to at least $2,079,931.00 for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement and that the entire amount of the Initial Disbursement has been expended for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement, Lender shall make a disbursement to Borrower in the amount of $5,000,000.00 (the “Second Disbursement”).
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Second Disbursement. Lender shall make the second Disbursement (the “Second Disbursement”) in the estimated amount not to exceed Fourteen Million Six Hundred Twenty Thousand and No/100 Dollars ($14,620,000.00) on or before February 28, 2011, provided that each of the following conditions has been satisfied on or before said date: (i) The Second Disbursement shall be made concurrently with the refinance of certain real property situated in Ventura County, California (the “Ventura Property”), described on Schedule I hereto, and commonly referred to as the “▇▇▇▇▇▇▇ Ranch.” (ii) The Ventura Property is and shall continue to be vested in West ▇▇▇▇▇▇▇▇ Road Oxnard, LLC, a California limited liability company (“WGRO”) an affiliate of Borrower, owned and managed under the same structure and by the same owners as Borrower. (iii) The amount of the actual Second Disbursement will be based on and limited to thirty-eight and 04/100 percent (38.04%) of the aggregate appraised value of the Santa ▇▇▇▇ Property and the Ventura Property as set forth in appraisals in form and substance satisfactory in all respects to Lender. (iv) Title to the Property shall not be encumbered by any additional matters since the closing of the first Disbursement, and Lender shall be provided with endorsements to its policies of title insurance confirming the first priority of the Deed of Trust in the aggregate amount of the first and Second Disbursements of the Loan proceeds, subject to no additional exceptions other than those accepted at the time of the initial Disbursement. (v) Lender shall be provided with a mortgagee’s title insurance policy insuring the Lender’s first priority lien in the Ventura Property subject only to such encumbrances as Lender may approve in its sole and absolute discretion. The amount of the title insurance insuring the existing Deed of Trust and the new liens to be established in connection with the Second Disbursement shall be increased to equal to the amount of the Loan advanced. (vi) The condition and leasing status of the Ventura Property shall be subject to Lender’s approval in its sole and absolute discretion. All tenants of the Ventura Property shall have provided Lender with tenant estoppel certificates and subordination, nondisturbance and attornment agreements in Lender’s customary form without material deviation. In addition, Lender shall have been provided with certificates of insurance evidencing liability and casualty insurance acceptable to Lender. (vii) The proceeds of...
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Second Disbursement. (a) In order to be eligible to submit a Request for Payment for the second disbursement (the “Second Disbursement”), the Recipient must demonstrate to the IESO that it has spent the First Disbursement in its entirety on Project Expenses, as evidenced by the submission of:‌ (i) copies of Invoices for any and all consideration paid for External Resources and suppliers of goods or services; (ii) copies of timesheets for services completed by Internal Resources; (iii) copy of the Interim Report; (iv) proof that the Recipient has paid the Invoices and/or paid for the services provided by Internal Resources; and (v) a summary chart, in the form provided by the IESO on the Website (if applicable), of the items outlined in Sections 5.4(a)(i) and 5.4(a)(ii) that specifies: (1) Invoice numbers or date of timesheet, as applicable; (2) total Invoice or timesheet amounts; (3) the hours worked in respect of the Deliverables and the hourly rate of the applicable Internal Resource(s); and (4) Excluded Expenses to be deducted from the Invoices or timesheets. (b) If the IESO approves the Request for Payment for the Second Disbursement, and provided that the Recipient is not in breach of any of its obligations under this Funding Agreement, the IESO will pay the Recipient 40% of the Maximum Funding Amount.
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Second Disbursement. Subject to the conditions set forth in Section 5.2, each Lender holding a Second Disbursement Commitment severally but not jointly agrees to lend to the Borrower, at the option of the Borrower, on the Second Disbursement Date up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Second Disbursement Commitment” by making such amount available to the Borrower by wire transfer of such amount to an account or accounts designated in writing by the Borrower on the proposed date of funding. Amounts borrowed under this Section 2.1(b) are referred to as the “Second Disbursement.” Upon the earlier to occur of (i) the date of funding of the Second Disbursement by any Lender and (b) 5:00 p.m. on September 15, 2022, the remaining Second Disbursement Commitment amount, if any, of such Lender shall be automatically and simultaneously terminated.
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Related to Second Disbursement

  • Costs and Disbursements (a) Except as otherwise provided in this Agreement or in the Schedules to this Agreement, a Recipient of Services shall pay to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting a “Service Charge” and, collectively, “Service Charges”), which Service Charges shall be agreed to by the Parties from time to time and generally determined in a manner consistent with the methodology used by HBIO for assessing fees with respect to the H▇▇▇ Business; provided further that to the extent the Service Charge for a particular Service is accrued on an hourly basis, such Service Charge shall be paid monthly by the Recipient and include the aggregate amount of the hourly charges for the immediate preceding month. During the term of this Agreement, the amount of a Service Charge for any Services (or category of Services, as applicable) may increase to the extent of: (i) any increases mutually agreed to by the Parties, (ii) any Service Charges applicable to any Additional Services or New Services, and (iii) any increase in the rates or charges imposed by any third-party provider that is providing Services. Together with any monthly invoice for Service Charges, the Provider shall provide the Recipient with documentation to support the calculation of such Service Charges. (b) Recipient shall reimburse Provider for all reasonable out-of-pocket costs and expenses incurred by Provider or its Affiliates in connection with providing the Services to the extent that such costs and expenses are not reflected in the Service Charge for such Services; provided, however, that any such cost or expense not consistent with historical practice between the Parties and exceeding $2,500 per month, for any Service (including business travel and related expenses) shall require advance approval of the Recipient. Any authorized travel-related expenses incurred in performing the Services shall be incurred and charged to Recipient in accordance with Provider’s then applicable business travel policies. (c) The Recipient shall pay the amount of each such invoice by wire transfer (or such other method of payment as may be agreed between the Parties) to the Provider within thirty (30) days of the receipt of each such invoice, including appropriate documentation as described herein, as instructed by the Provider. In the absence of a timely notice of billing dispute in accordance with the provisions of Article IX of this Agreement, if the Recipient fails to pay such amount by the due date, the Recipient shall be obligated to pay to the Provider, in addition to the amount due, interest at an annual default interest rate of three percent (3%), or the maximum legal rate whichever is lower (the “Interest Payment”), accruing from the date the payment was due through the date of actual payment. (d) Subject to the confidentiality provisions set forth in Section 11.03, each Party shall, and shall cause their respective Affiliates to, provide, upon ten (10) days’ prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession that the requesting Party reasonably requests in connection with any Services being provided to such requesting Party by an unaffiliated third-party provider, including any applicable invoices, agreements documenting the arrangements between such third-party provider and the Provider and other supporting documentation; provided, however, that each Party shall make no more than one such request during any fiscal quarter.

  • FEES AND DISBURSEMENTS (a) The fees for Services shall be in accordance with the fee schedule as agreed upon between the Client and the Customs Broker as amended from time to time. (b) The Client shall pay to the Customs Broker all fees charged for the Services rendered by the Customs Broker to the Client. (c) Disbursements incurred by the Customs Broker on behalf of the Client shall be reimbursed to the Customs Broker by the Client.

  • 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.

  • Accounts and Disbursements The Custodian shall establish and maintain a separate account for each Portfolio and shall credit to the separate account all moneys received by it or a Sub-Custodian for the account of such Portfolio and shall disburse, or cause a Sub-Custodian to disburse, the same only: 1. In payment for Securities purchased for the Portfolio, as provided in Section 7 hereof; 2. In payment of dividends or distributions with respect to the Shares of such Portfolio, as provided in Section 11 hereof; 3. In payment of original issue or other taxes with respect to the Shares of such Portfolio, as provided in Section 12(c) hereof; 4. In payment for Shares which have been redeemed by such Portfolio, as provided in Section 12 hereof; 5. In payment of fees and in reimbursement of the expenses and liabilities of the Custodian attributable to the Fund, as provided in Sections 5 and 16(h) hereof; 6. Pursuant to Instructions setting forth the name of the Portfolio and the name and address of the person to whom the payment is to be made, the amount to be paid and the purpose for which payment is to be made.

  • Additional Advances and Disbursements; Costs of Enforcement If any Event of Default exists, Mortgagee and each of the Lenders shall have the right, but not the obligation, to cure such Event of Default in the name and on behalf of Mortgagor in accordance with the Credit Agreement. All sums advanced and expenses incurred at any time by Mortgagee or any Lender under this Section, or otherwise under this Mortgage or any of the other Credit Documents or applicable law, shall bear interest from the date that such sum is advanced or expense incurred if not repaid within five (5) days after demand therefor, to and including the date of reimbursement, computed at the rate or rates at which interest is then computed on the Indebtedness, and all such sums, together with interest thereon, shall be secured by this Mortgage. Mortgagor shall pay all expenses (including reasonable attorneys’ fees and expenses) of or incidental to the perfection and enforcement of this Mortgage and the other Credit Documents, or the enforcement, compromise or settlement of the Indebtedness or any claim under this Mortgage and the other Credit Documents, and for the curing thereof, or for defending or asserting the rights and claims of Mortgagee or the Lenders in respect thereof, by litigation or otherwise.