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. · 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 the Loan. Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrowers the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrowers shall be made:
(a) to the account which the Borrowers specify in the Drawdown Notice; and
(b) in the like funds as the Agent received the payments from the Lenders.
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. SBA Form 1391 (5-00) Ref 50 30 SBA Loan #9978508005 Application #3306451794
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. SBA Form 1391 (5-00) Page 6 of 11 Ref 50 30 SBA Loan #4909478503 Application #3315916159 ● This Loan Authorization and Agreement will be binding upon Bxxxxxxx and Bxxxxxxx’s successors and assigns and will inure to the benefit of SBA and its successors and assigns.
Disbursement of the Loan. Application for Drawing of the Facility
1. Party A shall submit to Party B an Application for Drawing in advance. For any individual Loan with an amount exceeding RMB 2,000,000.00, such Application shall be submitted 5 banking days in advance. Party B shall determine whether or not to provide Loans within 3 banking days after its receipt of such Application.
2. Conditions Precedent to the Disbursement of the Loan
3. Subject to a waiver by Party B, Party B is not obliged to make any disbursement to Party A unless the following conditions precedent have been satisfied:
4. Party A has obtained and/or completed all approval, registration, delivery and other necessary formalities relating to the Loan in accordance with relevant laws and regulations; and
5. The security documents acceptable to Party B have become effective and remain in full effect; and
6. No Event of Default specified in this Contract has occurred; and
7. The Application for Drawing has been verified and approved by Party B; and
8. Other conditions precedent:
Disbursement of the Loan. Subject to the provisions of this Agreement, the Lender shall on the Drawdown Date advance the Loan to the Borrower; and payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice.
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.
Disbursement of the Loan. Provided no Event of Default exists, the Loan budgeted for the construction of the Facility shall be advanced from time to time subject to the following requirements for each such Advance, except to the extent any such requirements may be waived or modified from time to time for particular Advances in Lender’s sole discretion:
(a) Not less than five (5) Business Days before the date on which Borrower desires an Advance of the Loan, Borrower shall submit to Lender (1) a draw request in the form attached hereto as Exhibit “C” or in another form approved by Lender , (2) an AIA G702/703 draw request form satisfactory to Lender, properly executed, with certification by Borrower, General Contractor and Borrower’s architect that such draw request is for payment or reimbursement of actual costs incurred for construction of the Project and consistent with the Budget, (3) lien releases for all preceding draws, and (4) an update to Lender’s title insurance policy confirming no intervening liens. The cost breakdown shall also show the percentage of completion of each line item on the Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by the General Contractor. Borrower appoints Xxx Xxxxx, Xxxxxxx Xxxxxxxx and Xxx Xxxxxxxx (if more than one, any one may sign) as its agent to make disbursement requests. Borrower may hereafter by written notice to Lender appoint one or more other agents or change agents to make disbursement requests, provided any such notice is not effective until actually received by Lender.
(b) The completed construction and equipping with respect to the Improvements to the date of costs included in any request for an Advance must be reviewed and approved by the Inspector as a condition to funding. The Inspector will review and certify to Lender his opinion of the percentage of completion, compliance with Plans and Specifications and the maximum allowable Advance, which shall be determined in accordance with the following subsections.
(c) The maximum allowable Advance of the Loan will be allowable nonconstruction expenses actually incurred within the amounts set forth in the Budget, plus the lesser of (a) the actual cost of the completed portion of the Improvements, or (b) the scheduled value of each completed portion of the Improvements (as set forth in the schedule of values prepared by the General Contractor in connection with the Construction Contract) to the extent of completion of such scheduled item (which schedule...
Disbursement of the Loan. After receipt by the Commission of this Agreement fully executed by all parties hereto, and provided that the Debtor is not in default on its obligations to the Commission as of the date first written above, the Commission shall disburse the Loan to the Debtor on one of the following schedules to be selected by the Debtor: Schedule 2 – In Advance. Not more than two (2) installments as requested by the Debtor in writing at such times as the Debtor may elect, subject to the reasonable approval of the Commission. The amount of each disbursement shall not be limited to that portion of the Loan which has been earned by the Company; however, each such disbursement shall only be made after the Debtor Certification attached hereto as Exhibit B has been completed by the Debtor and delivered to and approved by the Commission in its sole discretion. Fifty percent (50%) of the Loan is allocated for the Company’s taxable asset obligation set forth in Section 4 of this Agreement and fifty percent (50%) of the Loan is allocated for the Company’s employment obligation set forth in Section 3 of this Agreement. Unless otherwise agreed to in writing by all parties to this Agreement, Debtor shall disburse all Loan proceeds to the Company or for the Company’s benefit within 30 days of receipt of Loan proceeds from the Commission or return the undisbursed proceeds to the Commission.
Disbursement of the Loan. Subject to the terms hereof, Bank will credit the proceeds of the Loan advanced from time to time to Borrower's deposit account with Bank or, at Bank's discretion, to other depository accounts designated by Borrower.
