Common use of Details of Disbursement Clause in Contracts

Details of Disbursement. 4.1 The Lender shall disburse the Loan in one lump sum or in suitable installments / tranches as specified in Schedule I or as mutually decided between the Borrower and the Lender. 4.2 Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order or credit to Bank Account as the case may be or on the date of setting up of the Loan account limit. 4.3 Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the Loan. 4.4 The right of the Borrower to make drawals under this Agreement shall cease on the expiry of the validity period specified in Schedule I. The Lender may by notice to the Borrower suspend or cancel further disbursements of the Loan, if the Loan shall not have been fully drawn within the validity period as specified in Schedule I or such other period as may be decided by the Lender. 4.5 If any monies are remaining due and payable by the Borrower to the Lender, whether under this Agreement, or any other Transactions Documents or otherwise, the Lender may, in its sole discretion, reduce the availability of the amounts of the Loan and/or adjust such monies against the Loan and all such adjustments shall be treated as disbursements to / repayment by the Borrower. 4.6 The decision of the Lender as regards any matter pertaining to disbursement shall be final, conclusive and binding on the Borrower.

Details of Disbursement. 4.1 a) The Lender Loan shall be disbursed by the Bank to the Borrower in a single/ multiple tranches. b) Upon the fulfilment of the conditions precedents as set under Article 3 of this Agreement to the satisfaction of the Bank, the Borrower shall give Drawdown Notice(s) to the Bank specifying the proposed date of each Drawdown, which should be within the Availability Period and on a Business Day. Disbursal of funds under the Loan by the Bank shall be by way of crediting the relevant drawdown amount directly to the Borrower or in the operating account of the Borrower or in such other manner as may be decided solely by the Bank. c) The Drawdown Notice should reach the Bank at least 7 (seven) Business Days before the date of the proposed Drawdown and within the Availability Period. Any undrawn Loan amounts at the end of the Availability Period shall automatically lapse and the Borrower shall have no claim against any such undrawn Loan from the Bank. d) On the performance by the Borrower of all conditions precedent to the satisfaction of the Bank as hereinafter provided and upon receipt of the Drawdown Notice from the Borrower as aforesaid, the Bank shall disburse the Loan in one lump sum or in suitable installments / tranches as specified in Schedule I or as mutually decided between per the Borrower and the Lender. 4.2 Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order or credit to Bank Account as the case may be or on the date of setting up of the Loan account limit. 4.3 Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the Loan. 4.4 The right of the Borrower to make drawals under this Agreement shall cease on the expiry of the validity period specified in Schedule I. The Lender may by notice to the Borrower suspend or cancel further disbursements of the Loan, if the Loan shall not have been fully drawn within the validity period as specified in Schedule I or such other period as may be decided by the Lender. 4.5 If any monies are remaining due and payable by the Borrower to the Lender, whether under this Agreement, or any other Transactions Documents or otherwise, the Lender may, in its sole discretion, reduce the availability of the amounts of the Loan and/or adjust such monies against the Loan and all such adjustments shall be treated as disbursements to / repayment Drawdown Notice issued by the Borrower. 4.6 The decision of the Lender as regards any matter pertaining to disbursement shall be final, conclusive and binding on the Borrower.

Details of Disbursement. 4.1 (a) For the disbursement of the Loan, the Borrower shall be required to submit a request for the same in the form and manner as may be prescribed by the Bank from time to time, in terms of Article 4.2.1(b) hereof. The Lender shall disburse the Loan may accordingly be disbursed in one lump sum or in suitable installments / tranches instalments at the sole discretion of the Bank. The Borrower hereby acknowledges the receipt of the Loan disbursed as specified indicated in Schedule I or as mutually decided between the receipt herein below under the Applicable Schedules. (b) The Borrower hereby agrees and undertakes that the Borrower shall not submit a disbursement request and seek disbursement of any amount under the LenderLoan till such time the Conditions Precedent to disbursement as mentioned in the Offer Letter and this Agreement under Article 4.2 have been duly complied with by the Borrower, to the satisfaction of the Bank. The Borrower further confirms and agrees that in the event any such condition has not been complied with or if an Event of Default has occurred and/or is continuing, the Bank shall be under no obligation to agree to any disbursement request submitted by the Borrower. The Borrower undertakes that all requisite authorizations/ checks/ investigations/clearances/compliances that a Borrower may be required to complete either under Applicable Law and/or as per the Bank’s directions will be so done prior to initiating any disbursement request. 4.2 Disbursement (c) All disbursements shall at all times be deemed to have been made by the Bank at the sole order/request of the Borrower with no obligation and/or assumption of obligation on the part of the Bank; however, the processing by the Bank of any such order/request of the Borrower for disbursement shall remain at all times at the sole discretion of the Bank. Provided that, notwithstanding anything to the contrary contained in this Agreement, any disbursement made by the Bank pursuant to a disbursement request by the Borrower shall not result in any implicit or implied waiver of any Event of Default or non-compliance of any conditions that is existing as on the date of the disbursement by way of cheque or pay order or credit to Bank Account as the case may be or on the date of setting up such disbursement. (d) The Borrower further agrees and understands that sanction of the Loan account limit. 4.3 Interest on by the Loan will begin Bank, does not necessarily entitle the Borrower to accrue in favour avail disbursement of the Lender as and from amount so requested for. The Borrower further agrees that the date availment of initial disbursement amount does not create any entitlement to receive subsequent disbursements of the Loan. 4.4 The right of the Borrower to make drawals under this Agreement shall cease on the expiry of the validity period specified in Schedule I. The Lender may by notice to the Borrower suspend or cancel further disbursements of the Loan, if the Loan shall not have been fully drawn within the validity period as specified in Schedule I or such other period as may be decided by the Lender. 4.5 If any monies are remaining due and payable by the Borrower to the Lender, whether under this Agreement, or any other Transactions Documents or otherwise, the Lender may, in its sole discretion, reduce the availability of the amounts of the Loan and/or adjust such monies against the Loan and all such adjustments shall be treated as disbursements to / repayment by the Borrower. 4.6 The decision of the Lender as regards any matter pertaining to disbursement shall be final, conclusive and binding on the Borrower.

Details of Disbursement. 4.1 The Lender shall disburse the Loan in one lump sum or in suitable installments / tranches as specified in Schedule I or as mutually decided between the Borrower and the Lender. 4.2 Disbursement shall be deemed to have been made having regard to the Borrower on the date needs of the disbursement by way of cheque or pay order or credit to Bank Account as the case may be or on the date of setting up of the Loan account limit. 4.3 Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the Loan. 4.4 The right of the Borrower to make drawals under this Agreement shall cease on the expiry of the validity period specified in Schedule I. The Lender may by notice to the Borrower suspend or cancel further disbursements of the Loan, if the Loan shall not have been fully drawn within the validity period as specified in Schedule I or such other period as may be decided by the Lender. 4.5 If any monies are remaining due and payable by the Borrower to the Lender, whether under this Agreement, or any other Transactions Documents or otherwise, the Lender may, in its sole discretion, reduce the availability of the amounts of the Loan and/or adjust such monies against the Loan and all such adjustments shall be treated as disbursements to / repayment by the Borrower. 4.6 . The decision of the Lender as regards any matter pertaining to disbursement in this regard shall be final, conclusive and binding on the Borrower. The Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so disbursed. Further, the request submitted by the Borrower to the Lender seeking disbursement of whole or any part of the Sanctioned Amount (“Disbursement Request Form”) shall be irrevocable and shall commit the Borrower to borrow in accordance with the Disbursement Request Form. Further, the Lender shall be entitled (but not obliged) to rely and act upon any Disbursement Request Form and any documentation or information in connection with the Disbursement Request Form, which appears on its face to have been duly completed, notwithstanding that the Disbursement Request Form, documentation or information proves to be not genuine, not properly signed and otherwise incorrect in any respect. The Borrower hereby agrees and acknowledges that the right of the Lender to require compliance with any condition as set out in the Transaction Documents which may be waived by the Lender in respect of particular tranche of the disbursement of the Loan is expressly preserved for the purpose of any subsequent tranche of the disbursement of Loan.

Details of Disbursement. 4.1 The Lender shall disburse the Loan in one lump sum lumpsum or in suitable installments / tranches as specified in Schedule I or as mutually decided between the Borrower and the Lender. 4.2 Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by way of cheque or pay order or credit to Bank Account as the case may be or on the date of setting up of the Loan account limit. 4.3 Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement of the Loan. 4.4 The right of the Borrower to make drawals under this Agreement shall cease on the expiry of the validity period of the Loan specified in Schedule I. The Lender may by notice to the Borrower suspend or cancel further disbursements of the Loan, if the Loan shall not have been fully drawn within the validity period as specified in Schedule I (as applicable) or such other period as may be decided by the Lender. 4.5 If any monies are remaining due and payable by the Borrower to the Lender, whether under this Agreement, or any other Transactions Documents or otherwise, the Lender may, in its sole discretion, reduce the availability of the amounts of the Loan and/or adjust such monies against the Loan and all such adjustments shall be treated as disbursements to / repayment by the Borrower. 4.6 The decision of the Lender as regards any matter pertaining to disbursement shall be final, conclusive and binding on the Borrower.