Conditions for Disbursement Sample Clauses
Conditions for Disbursement. Borrower shall have satisfied all conditions for disbursement set forth in Article III (with respect to the initial disbursement of Loan proceeds being requested by Borrower).
Conditions for Disbursement. 4.1 The obligation of the Bank to make any disbursement under this Agreement shall be subject to the following conditions:
(a) Credit Worthiness of the Borrower: The Borrower meets the Bank’s requirement of creditworthiness. The Bank shall be entitled to make or cause to be made inquiries as the Bank may deem fit to assess the credit worthiness of the Borrower.
(b) Non-existence of event of default: No event of default as defined in this Agreement shall have happened.
(c) Extra ordinary Circumstances: No extra ordinary or other circumstances shall have occurred which in the sole opinion of the Bank may make it improbable for the Borrower to fulfill any of these terms and Conditions.
Conditions for Disbursement. 3.1 Disbursements under the Loan shall be made subject to fulfilment and compliance of this Agreement and all other standard documents and writings executed by the Borrower(s) and as specified by the Bank, including the following:
a) No Event of Default has occurred or is subsisting;
b) The Borrower(s) furnishing the evidence that the disbursement requested is required by the Borrower(s) for the purpose for which the Loan was initially approved;
c) The Borrower(s) furnishing such documents, evidences and writings as may be required in connection with the requested disbursement;
d) No circumstances shall have occurred which in opinion of the Bank may make it impossible for the Borrower(s) to fulfil the obligations under documents executed as per this Agreement and other standard documents executed by the Borrower(s) for availing the Loan.
e) The Borrower(s) delivering the evidence to the Bank’s satisfaction that all consents, approvals and permissions required to avail the Loan and to comply with all documentation related to availing the Loan including creation of security is completed.
f) The Borrower(s) having furnished copy of the insurance policy in respect of the property(ies) endorsed in favour of the Bank as financier/mortgagee.
3.2 The Disbursement shall be deemed to have been made to the Borrower(s) on the date of actual disbursement of the loan on the Bank’s system or the date of the cheque or the payment advice whichever is earlier. Therefore, the interest on the loan shall accrue in favour of the Bank from the date of the disbursement or cheque/payment advice/pay order/transfer by the Bank whichever is earlier, irrespective of the time taken for the transit/collection/realization of the cheque/pay order by the Borrower(s). The EMIs on the loan will commence bases on the date of disbursement of the loan.
Conditions for Disbursement. 7.1 The obligation of the Lender to make any disbursements under the Loan Agreements shall be subject to the conditions that:-
(a) The Borrower has created security, furnished the guarantee/s and executed the promissory note and all the other necessary documents to the satisfaction of the Lender as stipulated in Article 3 above in favour of the Lender:
(b) Non - existence of any event of default by the Borrower:
(c) No ‘extra-ordinary’ or other circumstances have occurred which shall make it improbable for the Borrower to fulfil its obligation under this Agreement.
Conditions for Disbursement. The obligation of the Lender to disburse the proceeds of the Loan is subject to the satisfaction of the following conditions as of the date the disbursement is made:
Conditions for Disbursement. The Department will disburse the proceeds of the Grant to Grantee after execution of this Agreement by both parties and after Grantee submits a request for disbursement attached hereto as Exhibit D.
Conditions for Disbursement. (a) The obligation of IHFL to make any disbursement shall also be subject to:
(I) No event of default as defined in this Agreement shall have happened.
(II) The Borrower/s has furnished evidence, to the complete satisfaction of IHFL (of the proposed utilisation of the proceeds of the disbursement of the Loan) that at the time of request for disbursement, the disbursal amount sought is required immediately by the Borrower for the purpose of the Loan.
(III) No extra ordinary or other circumstances shall have occurred which in the sole opinion of IHFL may make it improbable for the Borrower/ s and/or Guarantor to fulfill any of his/her/their obligations and/or the Terms and Conditions of the present agreement.
(IV) The Borrower/s shall have furnished evidence to the full satisfaction of IHFL that all consents, approvals and permissions required for availing of the Loan and/or creation of security have been obtained or evidence to the effect that these are not required.
(V) The Borrower/s shall have furnished to the full satisfaction of IHFL, documentary evidence of title and ownership over the Property in favour of the Borrower/s or any one of the Borrowers/s as the case may be and that these documents are also valid, binding and subsisting and that necessary security can be created in favour of IHFL in the form and manner as suggested/required by IHFL.
(VI) The Borrower/s shall obtain a comprehensive and composite Insurance policy in respect of the Property and/or any other insurance policy that may be required by IHFL in exercise of its sole and absolute discretion at his/her/their own cost and expense. That the insurance value over the Property should be of a value higher or equivalent to the Loan amount or the value of the structure of the Property whichever is higher. The Borrower/s shall get the lien of IHFL as loss payee, noted on the insurance policy confirming that IHFL has a first claim on the proceeds of the policy amount/proceeds of the policy and the Borrower/s shall furnish such Insurance cover and/or Insurance Policy to IHFL. The Borrower/s shall keep the insurance policy alive during the currency of the Loan.
(VII) That the Borrower/s shall execute and/or deliver such documents, security documents, agreements, guarantees, indemnities, Demand Promissory Notes, Declarations etc. as IHFL may in its sole and absolute discretion may require.
(b) That in the event the security furnished by the Borrower/s is found to be insufficient/ incorrect in val...
Conditions for Disbursement. 6.1 Conditions precedent for disbursement to the Issuer
(a) Payment of the net proceeds from the issuance of the Bonds to the Escrow Account shall be conditional on the Bond Trustee having received in due time (as determined by the Bond Trustee) prior to the Issue Date each of the following documents, in form and substance satisfactory to the Bond Trustee:
(i) these Bond Terms duly executed by all parties thereto;
(ii) the Escrow Account Pledge duly executed by all parties thereto and perfected in accordance with applicable law;
(iii) copies of all corporate resolutions (including shareholder resolutions) of the Issuer required for the Issuer to issue the Bonds and execute the Finance Documents to which it is a party (other than in respect of Finance Documents to be delivered pursuant to paragraph (b) of this Clause 6.1 (Conditions precedent for disbursement to the Issuer));
(iv) a copy of a power of attorney (unless included in the relevant corporate resolutions) from the Issuer to relevant individuals for their execution of the Finance Documents to which it is a party (other than in respect of Finance Documents to be delivered pursuant to paragraph (b) of this Clause 6.1 (Conditions precedent for disbursement to the Issuer));
(v) copies of the Issuer’s certificate of incorporation and articles of association evidencing that the Issuer is validly existing;
(vi) confirmation that the Bonds are registered in the CSD;
(vii) confirmation that the applicable exemption from the prospectus requirements (ref the EU prospectus directive (2003/71 EC)) and Chapter 7 in the Norwegian Securities Trading Act concerning the issuance of the Bonds has been fulfilled;
(viii) copies of any necessary governmental approval, consent or waiver (as the case may be) required at such time to issue the Bonds;
(ix) the Bond Trustee Fee Agreement duly executed by all parties thereto;
(x) copies of any written documentation used in marketing the Bonds or made public by the Issuer or the Manager in connection with the issuance of the Bonds;
(xi) copies of any loan agreements in respect of any Group Loans together with a copy of the duly executed Group Loans Subordination Undertaking;
(xii) a copy of the duly executed Shareholder Loans Subordination Undertaking;
(xiii) legal opinions as may be required by the Bond Trustee (including in respect of corporate matters relating to the Issuer and the legality, validity and enforceability of the Finance Documents); and
(xiv) confirmation from ...
Conditions for Disbursement. Disbursement of loan proceeds is subject to the Borrower fulfilling conditions outlined in the Confirmation. These conditions may include the signing of specific documents, meeting collateral requirements, and any other mutually agreed-upon prerequisites.
Conditions for Disbursement. Subject to execution of all prescribed security documents by the borrower, the Loan shall be available for draw down by the borrower upto the date mentioned in the Terms and conditions.