Common use of Disbursement Procedure Clause in Contracts

Disbursement Procedure. 4.1 Disbursement shall take place after this Loan Agreement and the promissory note are executed, and any other conditions precedent to disbursement of funds under this award are fully satisfied. The Intermediary/MDO may not make a loan commitment from USDA IRP loan funds to a project without first receiving USDA’s written concurrence in the proposed use of loan funds. RMAP is exempt from this requirement. 4.2 The Intermediary/MDO may draw down up to 25 percent of the USDA IRP/RMAP loan funds at loan closing. Thereafter, the intermediary may draw down under this award, for IRP, only such funds as are necessary to cover a 30-day period in implementing its approved work plan. For RMAP, the MDO may draw down under this award quarterly until the full amount of the loan to the MDO is disbursed or until the end of the thirty fourth month of the life of the loan, or whichever occurs first. Advances will be requested by the Intermediary/MDO in writing. The date of such drawdown shall constitute the date the funds are advanced under this Loan Agreement for purposes of computing interest payments. 4.3 Intermediary/MDO shall maintain a separate ledger and segregated bookkeeping and bank accounts for IRP/RMAP funds as required in 7 CFR Part 4274/7 CFR Part 4280.

Disbursement Procedure. 4.1 Disbursement shall take place after this Loan Agreement and the promissory note are executed, and any other conditions precedent to disbursement of funds under this award are fully satisfied. The Intermediary/MDO may not make a loan commitment from USDA IRP loan funds to a project without first receiving USDA’s 's written concurrence in the proposed use of loan funds. RMAP is exempt from this requirement., 4.2 The Intermediary/MDO may draw down up to 25 percent of the USDA IRP/RMAP loan funds at loan closing. Thereafter, the intermediary may draw down under this award, for IRP, only such funds as are necessary to cover a 30-day period in implementing its approved work plan. For RMAP, . the MDO may draw down under this award quarterly until the full amount of the loan to the MDO is disbursed or until the end of the thirty fourth month of the life of the loan36th month, or whichever occurs first. Advances will be requested by the Intermediary/Intermediary/ MDO in writing. The date of such drawdown shall constitute the date the funds are advanced under this Loan Agreement for purposes of computing interest payments. 1-1 2 hours per response including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. 4.3 Intermediary/MDO shall maintain a separate ledger and segregated bookkeeping and bank accounts for IRP/RMAP funds as required in 7 CFR Part 4274/7 CFR Part 4280.

Disbursement Procedure. 4.1 Disbursement shall take place after this Loan Agreement and the promissory note are executed, and any other conditions precedent to disbursement of funds under this award are fully satisfied. The Intermediary/MDO may not make a loan commitment from USDA IRP loan funds to a project without first receiving USDA’s written concurrence in the proposed use of loan funds. RMAP is exempt from this requirement. 4.2 The Intermediary/MDO may draw down up to 25 percent of the USDA IRP/RMAP loan funds at loan closing. Thereafter, the intermediary may draw down under this award, for IRP, only such funds as are necessary to cover a 30-day period in implementing its approved work plan. For RMAP, the MDO may draw down under this award quarterly until the full amount of the loan to the MDO is disbursed or until the end of the thirty fourth month of the life of the loan36th month, or whichever occurs first. Advances will be requested by the Intermediary/Intermediary/ MDO in writing. The date of such drawdown shall constitute the date the funds are advanced under this Loan Agreement for purposes of computing interest payments. 4.3 Intermediary/MDO shall maintain a separate ledger and segregated bookkeeping and bank accounts for IRP/RMAP funds as required in 7 CFR Part 4274/7 CFR Part 4280.