Disbursement of the Facility. The Investor (via the Company) shall disburse the investment amount directly to the Developer or in the manner agreed between the Company and the Developer from time to time.
Disbursement of the Facility. The disbursement of the Facility, which will be made on a Business Day and subject to the Availability Period, is subject to the obligations on the part of the Customer as set out in this Agreement having been fulfilled and performed to the satisfaction of the Bank and to the compliance of the following conditions:-
(a) the conditions precedent and/or disbursement conditions stipulated in this Agreement have been fulfilled by the Customer and/or the Security Party to the satisfaction of the Bank;
(b) the Facility or any part thereof will be disbursed to the Developer/Vendor/Contractor (as the case may be) or their respective solicitors through the Bank’s solicitors as follows:-
(i) Where the property is under construction, the Facility will be progressively disbursed against the original or copy of the Architect’s Certificate(s) of work done/completed certified by the relevant architect with supporting documents and the redemption statement (if there is any existing charge on the said Property); or
(ii) The Bank shall not be liable to the Customer either directly or indirectly for late payments to the Developer/Vendor/Contractor or to any third parties;
(c) no event has occurred in the opinion of the Bank which amounts or would amount to a Material Adverse Effect as at the date of the disbursement of the Facility;
(d) such other reasonable conditions, confirmations consent, approvals, Court Orders (if required) and documents from the relevant parties and authorities deemed necessary by the Bank and/or the Solicitors to ensure that the Bank is fully protected and complies with its standard terms and conditions;
(e) all fees and expenses payable under the Security Documents and this Agreement which have become due have been paid in full;
(f) the terms and conditions of the Letter of Offer and/or any other letter issued or to be issued by the Bank has been complied with by the Customer; and
(g) subject to the Bank giving twenty one (21) days’ prior notice, the Bank may recall, cancel or withdraw the Facility at its discretion and in accordance with the relevant Shariah principles in the event the Facility is not used for the Purpose.
Disbursement of the Facility. The Borrower shall deliver to the Lender the Facility Deliverables set out in Annexure 1 on the Effective Date. The Borrower confirms that the Lender has on the Effective Date disbursed by cheque or demand draft or NEFT or RTGS or wire transfer or pay order duly crossed and marked “account payee only” the Facility to the Borrower.
Disbursement of the Facility. (1) Without prejudice to the generality of the foregoing, MDV may at its absolute discretion disburse the whole of the Facility or such part thereof into a disbursement account and/or any
(2) such other account(s) acceptable to MDV. Subject to the terms and conditions of this Agreement, the Facility shall be disbursed by MDV upon fulfillment of the following conditions:
(a) all the Conditions Precedent as set out in this Agreement and the Letter(s) of Offer and the specific disbursement conditions as set out in the Letter(s) of Offer; and
(b) MDV has received from the Customer in respect of each disbursement /release under the Facility, a valid and duly completed Utilisation Notice (of such form and content as shall be acceptable to MDV) and such Utilisation Notice is to be accompanied by satisfactory documentary evidence acceptable to MDV.
(3) Where applicable, the disbursement of monies by MDV in respect of the Facility shall be made directly to relevant suppliers/contractors/agents of the Customer at MDV’s discretion and shall be subjected to the specific Conditions Precedent and disbursement conditions to that particular project line only as set out in the Letter(s) of Offer.
Disbursement of the Facility. (a) The Borrower(s)(or any of them) may draw down the Facility, in one or more tranches, by delivering a drawdown request form (DRF), which shall be in such form and manner as may be required by the Lender, on or prior to the intended date of such drawdown, along with such other documents as may be required by the Lender, upon receipt of which, the Lender shall, subject to Sub Clauses (b) and (c)below, disburse the Facility (or part thereof) to the Borrower(s).
(b) The Borrower(s) hereby expressly agree and acknowledge that all disbursements shall be subject to: (i) fulfillment of the conditionsprecedent (as applicable to such tranche of disbursement), as stipulated in the Sanction Letter, to the satisfaction of the Lender;(ii) the Borrower(s)and the Security Providers being in compliance with all terms and conditions of the Transaction Documents (iii) completion of internal approvals and other requirements of the Lender.
(c) Without prejudice to the aforesaid and notwithstanding anything else contained in the Transaction Documents, the Lender shall have an unconditional right to withhold disbursement: (i) upon the occurrence of a Material Adverse Effect in theopinion of the Lender; and/or (ii) in case of breach of any of the terms and conditions of this Agreement and / or any other Transaction Document.
Disbursement of the Facility. The first disbursement is subject to the satisfaction of the conditions precedent set out in Appendix 1 attached hereto (or such conditions precedents have been waived by the Lender in writing).
Disbursement of the Facility. (a) The Borrower(s) (or any of them) may draw down the Facility, in one or more tranches, by delivering a drawdown request form (DRF), which shall be in such form and manner as may be required by the Lender, on or prior to the intended date of such drawdown, along with such other documents as may be required by the Lender, upon receipt of which, the Lender shall, subject to Sub Clauses (b) and (c) below, disburse the Facility (or part thereof) to the Borrower(s).
(b) The Borrower(s) hereby expressly agree and acknowledge that all disbursements shall be subject to: (i) fulfillment of the conditions precedent (as applicable to such tranche of disbursement), as stipulated in the Sanction Letter, to the satisfaction of the Lender; (ii) the Borrower(s) and the Security Providers being in compliance with all terms and conditions of the Transaction Documents
Disbursement of the Facility. The first disbursement is subject to the satisfaction of the conditions
Disbursement of the Facility. 3.1 The Facility under this Agreement should be disbursed in parallel with and in the same proportion to the payment of the self-raised fund of the Government of the Republic of Cameroon to the Chinese Supplier.
3.2 The first disbursement is subject to the satisfaction of the conditions precedent set out in Appendix 1 attached hereto (or such conditions precedent have been waived by the Lender in writing).
3.3 In relation to each disbursement after the first disbursement, besides the satisfaction of the conditions set forth in Article 3.1, such disbursement shall also be subject to the satisfaction of the conditions set out in Appendix 2 attached hereto.
3.4 The Availability Period may be extended, provided that an application for such extension is submitted by the Borrower to the Lender thirty (30) days prior to the end of the Availability Period and such application is approved by the Lender. In any event, the Availability Period shall not exceed the Grace Period. Any portion of the Facility undrawn at the end of the Availability Period or the extension thereof shall be automatically canceled. Before the end of the Availability Period, the Borrower shall not, without the consent of the Lender, cancel all or any part of the undrawn Facility.
3.5 lite Lender shall not be obliged to make any disbursement under this Agreement unless it has received all the documents set forth in Article 3.1 or 3.2 and has determined after examination that the conditions precedent to the drawdown of the Facility by the Borrower have been satisfied. For those conditions which have not been satisfied by the Borrower, the Lender may require the remedy by the Borrower within a specified period. In the event that the Borrower fails to remedy within a reasonable period of time, the Lender may refuse to make the disbursement.
3.6 Forthwith upon the making by the Lender of the disbursement in accordance with the Irrevocable Notice of Drawdown, the Lender shall be deemed as having completed its disbursement obligation under this Agreement and such disbursement shall become the indebtedness of the Borrower. The Borrower shall repay to the Lender the principal amount drawn and outstanding under the Facility together with any interest accrued thereon in accordance with this Agreement.
Disbursement of the Facility
