Disbursement and Application of Loan Proceeds Sample Clauses

Disbursement and Application of Loan Proceeds. On the Closing Date, the City shall cause to be available to the Agency the amount of Nine Hundred Fifty Thousand Dollars ($950,000) which shall be disbursed to the Agency at such time as the Agency provides to the City a request for funds for financing of the Redevelopment Project.
Sample 1Sample 2
AutoNDA by SimpleDocs
Disbursement and Application of Loan Proceeds. On the Closing Date, the Authority shall cause to be deposited into the Loan Fund the amount of $7,350,000, which shall be disbursed as provided in Section 3.03 of the Indenture.
Sample 1
Disbursement and Application of Loan Proceeds. So long as there has occurred no Event of Default or any event or condition which, with the passage of time or giving of notice or both could become an Event of Default, Bank shall be obligated to advance the Funds against the Note. Each request for an advance shall be made by a loan advance requisition in the form attached hereto as Exhibit B. All conditions to the obligation of Bank to make advances hereunder are imposed solely and exclusively for the benefit of Bank and its assigns, and no other person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Bank will make or not make advances in the absence of strict compliance with any or all thereof, and no other person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Bank at any time if, in its sole discretion, it deems it advisable to do so. In no event shall any other party be deemed to be a beneficiary of the Funds that may be advanced to Borrower pursuant to the terms hereof or have any right to an accounting therefor. Bank shall not in any way or for any purpose be deemed to be or to become a partner of or a joint venturer or a member of a joint enterprise with Borrower in connection with the ownership or operation of the Property or the Loan contemplated herein.
Sample 1
Disbursement and Application of Loan Proceeds. So long as there has occurred no Event of Default or any event or condition which, with the passage of time or giving of notice or both could become an Event of Default, Bank shall be obligated to advance the Funds against the Note upon Borrower's request during the period commencing on the date of this Agreement and ending no later than the last day of the eighteenth full month thereafter (the "Construction Period") (as such period may be extended in accordance with Section 10 of this Agreement), in amounts not in excess of costs which have been incurred by Borrower for the development of the Project, as verified by Bank, pursuant to Exhibit C and the Plans and subject to all limitations set forth in the notes to Exhibit C. Each request for an advance shall be made by a loan advance requisition in the form attached hereto as Exhibit D, delineating the Funds to be drawn against each item listed in Exhibit C (or at Bank's request, against a more detailed breakdown of items). Each loan advance requisition shall be accompanied by (a) as Bank may require from time to time, a copy of the AIA form of requisition to Borrower from the General Contractor; (b) a certificate of Borrower in the form attached hereto as Exhibit E; (c) an approval by Bank's inspector of the requested advance; and (d) if requested by Bank, an endorsement to the Bank's title insurance policy insuring Bank against any loss occasioned by any liens of record, statutory or otherwise, held by mechanics, workmen, contractors, suppliers or the employees or agents of any of them with respect to the Project and that since the issuance of the Bank's Title Insurance Policy or the last such endorsement, there has been no change in the state of title to the Property and there have occurred no survey or other exceptions not previously approved by Bank. Anything herein to the contrary notwithstanding, (i) advances of the Funds pursuant to Borrower's request shall be limited to no more than once every two weeks, except as Bank in its discretion may otherwise permit from time to time, (ii) each Loan advance requisition shall be for a minimum aggregate amount of $100,000; and (iii) the aggregate of all advances made by Bank at any time shall not exceed, in Bank's opinion, the value of work done and materials physically incorporated into the Improvements or delivered to and securely stored on the Property. Sums advanced under the Note from time to time shall be deposited by Bank into an account of Borrower a...
Sample 1

Related to Disbursement and Application of Loan Proceeds

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Disbursement of Loan Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Disbursement to Borrower Borrower may request and receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be re-borrowed.

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrower under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows:

  • Disbursement of the Loan Disbursements will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization and Agreement and the general requirements of SBA. · Disbursements may be made in increments as needed. · Other conditions may be imposed by SBA pursuant to general requirements of SBA. · Disbursement may be withheld if, in SBA's sole discretion, there has been an adverse change in Borrower's financial condition or in any other material fact represented in the Loan application, or if Borrower fails to meet any of the terms or conditions of this Loan Authorization and Agreement. · NO DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION AND AGREEMENT UNLESS SBA, IN ITS SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD. PARTIES AFFECTED · This Loan Authorization and Agreement will be binding upon Borrower and Borrower's successors and assigns and will inure to the benefit of SBA and its successors and assigns.

  • Disbursement of Advance Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!