Disbursement of the Fund Sample Clauses

Disbursement of the Fund. The Fund will be disbursed to the number of affected fishermen and women in respective activities in accordance with the LEP, and as specified at Schedule 1 of this Agreement. The Second Party shall charge each beneficiary not more than 1% - 3.5% as Service Charge for the disbursed loan as recommended by the LEP. Repayment of the loans will start after a three months moratorium period, and will be repaid in easy repayment installments, such instalments to be determined for each beneficiary separately, on a case by case basis. The Third Party will oversee and monitor the disbursement and recovery process to ensure the effective implementation of the credit facility. In case of any problem of disbursement and recovery of installment YPSA will support the Second Party in resolving the problem. The Second Party shall ensure contribution by the beneficiaries as listed in Schedule 1. The credit support as detailed under this Clause shall be provided for a total period of 5 years. After 5 years 50 percent of the Fund recovered from beneficiaries will be utilized for area development within the limits of Kutubjom Union, if there is any need felt for the same. Any such area development program is to be jointly agreed upon by SLTCPL authorities, and officials of Maheshkhali Upazila and Kutubjom Union Parishad. The remaining 50 percent of the recovered Fund will be utilized by the Summit Group for Corporate Social Responsibility program for any of their other projects. Provision and use of funds SLTCPL agrees to contribute a sum of BDT 10,142,500/= (the Fund) on the basis of no return / profit to SLTCPL of such fund in accordance with the Quarterly Plan to the revolving credit fund. The Fund is to be transferred in instalments to the Second Party, in accordance with the Quarterly Plan and invoices submitted thereunder, and LEP Implementation Plan of YPSA, provided that, at all times, the Second Party complies with its obligations as set out in this Agreement, and that SLTCPL is satisfied with utilization and performance of previously disbursed instalments. Each Party shall maintain clear financial records to facilitate tracking of the funds received and spent for the work described in this Agreement. The Second Party will ensure that the funds provided by SLTCPL under this Agreement are used only in accordance with this Agreement and are not used directly or indirectly for any other purpose. Neither the Second Party nor the Third party shall make profit from these re...
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Disbursement of the Fund. 5.1. [Intentionally omitted]
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Disbursement of the Fund. On the Loan Advancement Dates, Rittxxxxxx xxxll deliver to the Escrow Agent an executed Receipt and Acknowledgment for the amount of the requested advance on the Loan, upon receipt of which the Escrow Agent shall disburse the requested advance on the Loan to Rittxxxxxx. Xx the requested advance by Rittxxxxxx xx for the Maximum Amount of the Loan, on the date such advance is paid to Rittxxxxxx, xx on April 1, 1998, whichever shall occur first, then the Escrow Agent shall disburse the balance of the Fund to Svenxxxxxxx.
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Disbursement of the Fund. 5.1 The Fund shall be paid by the Department into the Beneficiary Bank Account within reasonable time after the Signature Date.
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Related to Disbursement of the Fund

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

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