Common use of Disbursement of a Tranche Clause in Contracts

Disbursement of a Tranche. 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: (a) to the account which the Borrower specifies in the Drawdown Notice; and (b) in the like funds as the Agent received the payments from the Lenders.

Disbursement of a Tranche. Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower Borrowers the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower Borrowers shall be made: (a) to the account which the Borrower specifies Borrowers specify in the Drawdown Notice; and (b) in the like funds as the Agent received the payments from the Lenders.