Conditions to Disbursements for Current Projects Sample Clauses

Conditions to Disbursements for Current Projects. The right of the Borrower to make each withdrawal from the Completion Reserve Account which is applied to finance or support any Current Project, is subject to satisfaction of the following conditions at the time of such withdrawal: (i) Not later than the third Business Day of each calendar month, the Borrower shall submit (or if applicable, shall cause the applicable Contractor to submit) to the Administrative Agent and the Construction Consultant a draft Draw Package, detailing all expenses associated with the applicable Current Project requested to be paid in the same calendar month in which the Draw Package is submitted; (ii) On one or more dates which are mutually convenient to the Borrower and the Construction Consultant, but in any event prior to the tenth day of each calendar month, the Borrower shall cause representatives of the Borrower (and the applicable Contractor, if payment to such Contractor is expected to be made from such draw) to be available to meet with the Construction Consultant at the site of the applicable Current Project to review the draft Draw Package submitted by the Borrower, and shall attempt to resolve any discrepancies associated with the draft Draw Package. (iii) Not later than the fifteenth day of each calendar month (or, if such date is not a Business Day, on the next Business Day), the Borrower shall submit (or if applicable, shall cause the applicable Contractor to submit) a revised and final Draw Package to the Administrative Agent and the Construction Consultant, together with any supporting materials requested by the Administrative Agent or the Construction Consultant in response to the draft Draw Package for that calendar month, provided that the Administrative Agent shall endeavor to provide any such requests as promptly as possible. The final Draw Package shall be accompanied by a Disbursement Certificate substantially in the form of Exhibit P attached hereto (“Disbursement Certificate”) signed by the Borrower stating (i) the amount of the disbursement requested by the Borrower in relation to the Draw Package, (ii) specifying that such disbursement is to be credited to the Borrower at least two (2) Business Days prior to the last day of the calendar month in which the Draw Package is submitted (provided that Borrower submitted the final Draw Package in accordance with this Section on a timely basis), and (iii) to the best of Borrower’s knowledge, information and belief, all applications for payment contained in t...
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Related to Conditions to Disbursements for Current Projects

  • Conditions Precedent to Disbursement Agency’s obligation to disburse Grant Funds to Grantee under this Grant is subject to satisfaction of each of the following conditions precedent: 7.2.1 Agency has received sufficient funding, appropriations, expenditure limitation, allotments or other necessary expenditure authorizations to allow Agency, in the exercise of its reasonable administrative discretion, to make the disbursement from the Funding Source; 7.2.2 No default as described in Section 15 has occurred; and 7.2.3 Grantee’s representations and warranties set forth in Section 8 are true and correct on the date of disbursement(s) with the same effect as though made on the date of disbursement.

  • Additional Conditions to Letters of Credit If the issuance of a Letter of Credit is requested, all conditions set forth in Section 2.3 shall have been satisfied.

  • Additional Conditions to Revolving Loans If a Revolving Loan is requested, all conditions set forth in Section 2.1 shall have been satisfied.

  • Conditions for Advance and Conditions to Closing Section 7.1.

  • CONDITIONS TO LOANS The obligations of Lenders to make Loans are subject to satisfaction of all of the applicable conditions set forth below.

  • Conditions Precedent to Borrowings 5.1 Conditions Precedent to the Initial Borrowing of TBC 37 5.2 Conditions Precedent to Each Committed Borrowing of TBC 38 5.3 Conditions Precedent to Each Bid Borrowing of TBC 38 5.4 Conditions Precedent to the Initial Borrowing of a Subsidiary Borrower 39 5.5 Conditions Precedent to Each Committed Borrowing of a Subsidiary Borrower 39 5.6 Conditions Precedent to Each Bid Borrowing of a Subsidiary Borrower 40

  • CONDITIONS TO BORROWINGS The obligations of each Lender to make Advances to Borrower hereunder is subject to the satisfaction of the following conditions:

  • Conditions to Loan Section 3.1 Conditions to Funding of the Loan on the Closing Date......................................... 33

  • Conditions to Initial Advances The agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject to the satisfaction, or waiver by Agent, immediately prior to or concurrently with the making of such Advances, of the following conditions precedent:

  • Conditions to Borrowing The Bank will not be obligated to make (or continue to make) advances hereunder unless (i) the Bank has received executed originals of the Note and all other documents or agreements applicable to the loans described herein, including but not limited to the documents specified in Article III (collectively with this Agreement the “Loan Documents”), in form and content satisfactory to the Bank; (ii) if the loan is secured, the Bank has received confirmation satisfactory to it that the Bank has a properly perfected security interest, mortgage or lien, with the proper priority; (iii) the Bank has received certified copies of the Borrower’s governance documents and certification of entity status satisfactory to the Bank and all other relevant documents; (iv) the Bank has received a certified copy of a resolution or authorization in form and content satisfactory to the Bank authorizing the loan and all acts contemplated by this Agreement and all related documents, and confirmation of proper authorization of all guaranties and other acts of third parties contemplated hereunder; (v) if required by the Bank, the Bank has been provided with an Opinion of the Borrower’s counsel in form and content satisfactory to the Bank confirming the matters outlined in Section 2.2 and such other matters as the Bank requests; (vi) no default exists under this Agreement or under any other Loan Documents, or under any other agreements by and between the Borrower and the Bank; and (vii) all proceedings taken in connection with the transactions contemplated by this Agreement (including any required environmental assessments), and all instruments, authorizations and other documents applicable thereto, are satisfactory to the Bank and its counsel.

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