Common use of Disbursement Procedure Clause in Contracts

Disbursement Procedure. (a) The Borrower may request Disbursements by delivering to IFC at least ten (10) Business Days before the proposed date of disbursement, a Disbursement request substantially in the form of Schedule 2. Each Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the Philippines, or any other place acceptable to IFC, all as specified by the Borrower in the relevant Disbursement request. The first Disbursement shall be in an amount of not less than twenty million Dollars ($20,000,000) and each Disbursement thereafter (other than the last Disbursement) shall be in an amount of not less than ten million Dollars ($10,000,000). (b) The Borrower shall deliver to IFC a receipt substantially in the form of Schedule 3, within five (5) Business Days following each Disbursement. (c) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan in whole or in part: (i) if the first Disbursement has not been made by the one (1) year anniversary of the date of this Agreement; (ii) if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 5.02 (e) (Events of Default) is, in the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or (iv) on or after the two-year anniversary of the date of this Agreement. Upon any cancellation, the Borrower shall, subject to subsection (e) of this Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. (d) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice (which shall be a date not earlier than thirty (30) days after the date of that notice) provided that, subject to subsection (e) of this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date. (e) In the case of partial cancellation of the Loan pursuant to subsection (c) or (d) of this Section 2.02, interest on the amount then outstanding of the Loan remains payable as provided in Section 2.03 (Interest). (f) Any portion of the Loan that is cancelled under this Section 2.02 may not be reinstated or disbursed. Except as provided in Section 2.07 (Fees) and Section 2.13 (Expenses), no interest or fees shall accrue in respect of such portion of the Loan that is cancelled under this Section 2.02 (Disbursement Procedure).

Disbursement Procedure. (a) The Borrower may request Disbursements under each Tranche by delivering to IFC IFC, at least ten (10) Business Days before prior to the proposed date of disbursementDisbursement, a Disbursement request substantially in the form of Schedule 2. Each Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the PhilippinesCountry, or any other place acceptable to IFC, all as specified by the Borrower in the relevant Disbursement request. The first Each Disbursement (other than the last one) shall be made in an amount of not less than twenty five million Dollars ($20,000,000) and each 5,000,000), provided, however, that the first Disbursement thereafter (other than the last Disbursement) shall may be made in an amount of not less than ten five million Dollars ($10,000,0005,000,000) but shall, in any such case, be made in an amount equal to, or greater than, two million Dollars ($2,000,000). (b) The Borrower shall deliver to IFC a receipt receipt, substantially in the form of Schedule 3, within five (5) Business Days following each Disbursement, together with an Investment Report, in a form reasonably satisfactory to IFC, for each Eligible Sub-loan Program for which the funds requested to be disbursed will be used. (c) Each Disbursement shall be evidenced by a non-endorsable promissory note (xxxxxx), payable on demand, for the aggregate principal amount of such Disbursement (each such promissory note, a “Note”), which shall be issued and delivered by the Borrower, in the form attached hereto as of Schedule 5, to secure its payment obligations hereunder. (d) The issuance of any of the Notes provided for hereunder is not intended to, and shall hence not, constitute a novation of any of the Borrower’s obligations hereunder or under any of the other Transaction Documents, as the case may be. (e) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan each Tranche in whole or in part: (i) if the first Disbursement has not been made by (y) March 8, 2011, for Disbursements under the one IFC Tranche; or (1z) year anniversary of November 8, 2010, for Disbursements under the date of this AgreementParallel Tranche; (ii) if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 5.02 (e6.02(d) (Events of Default) is, in the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or (iv) on or after (y) March 8, 2012, for Disbursements under the two-year anniversary of IFC Tranche; or (z) March 8, 2011, for Disbursements under the date of this AgreementParallel Tranche. Upon any cancellation, the Borrower shall, subject to subsection (e) of this Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. (df) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan GTLP Facility on the date specified in that notice (which shall be a date not earlier than thirty (30) 30 days after the date of that notice) provided that, subject to subsection (eg) of this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date. (eg) In the case of partial cancellation of the Loan GTLP Facility pursuant to subsection (ce) or (df) of this Section 2.02, interest on the amount then outstanding of the Loan GTLP Facility remains payable as provided in Section 2.03 (Interest). (fh) Any portion of the Loan GTLP Facility that is cancelled under this Section 2.02 may not be reinstated or disbursed. Except as provided in Section 2.07 (Fees) and Section 2.13 (Expenses), no interest or fees shall accrue in respect of such portion of the Loan that is cancelled under this Section 2.02 (Disbursement Procedure).

Disbursement Procedure. (a) The Borrower may request Disbursements by delivering to IFC IFC, at least ten (10) 10 Business Days before prior to the proposed date of disbursement, a Disbursement request for disbursement substantially in the form of Schedule 22(B). (b) Subject to the requirements of Section 4.01 (Conditions of Disbursement) and Section 4.02 (Borrower’s Certification), each Disbursement shall be made: (i) if the requested Disbursement is of the A Loan, the Initial B Loan Tranche and the Subsequent B Loan Tranche, such Disbursement shall be made for the full amounts of the A Loan, the Initial B Loan Tranche (for the avoidance of doubt, for the full amounts of the B-1 Loan and the B-2 Loan, respectively), and the Subsequent B Loan Tranche (for the avoidance of doubt, for the full amounts of the B-3 Loan and the B-4 Loan, respectively), respectively; (ii) if the requested Disbursement is of the A Loan and the Initial B Loan Tranche, such Disbursement shall be made for the full amounts of the A Loan and the Initial B Loan Tranche, respectively (and, for the avoidance of doubt, for the full amounts of the B-1 Loan and the B-2 Loan, respectively); or (iii) if the requested Disbursement is of only the Subsequent B Loan Tranche, such Subsequent B Loan Tranche Disbursement shall be made for the full amount of the Subsequent B Loan Tranche (and, for the avoidance of doubt, for the full amounts of the B-3 Loan and the B-4 Loan, respectively). Notwithstanding anything to the contrary herein, the Borrower shall not request the Subsequent B Loan Tranche Disbursement, and IFC shall not be obligated to make the Subsequent B Loan Tranche Disbursement, unless and until IFC provides the Borrower the Subsequent B Loan Tranche Readiness Notice confirming that the syndication of the Subsequent B Loan Tranche has been completed. (c) Each Disbursement shall be made by IFC to the Borrower’s account at a Citibank N.A., New York Branch, 000 Xxxx Xxxxxx, Xxx Xxxx, XXX 00000, SWIFT: XXXXXX00, ABA: 0000-0000-0, Account No.: 00000000, Account Name: Telecom Argentina S.A. – Xxxxxx Xxxxxx xx Xxxxx 50 – Buenos Aires – Argentina, or at another bank in New York, New York acceptable to IFC, for further credit to to: (i) the Borrower’s account at a bank in the PhilippinesCountry, or (ii) any other place reasonably acceptable to IFC, all as specified by the Borrower in the relevant Disbursement request. The first request for disbursement. (d) Each Disbursement shall be made in an the full aggregate amount of not less than twenty million Dollars ($20,000,000) the A Loan, the Initial B Loan Tranche and each Disbursement thereafter (other than the last Disbursement) shall be in an amount of not less than ten million Dollars ($10,000,000)Subsequent B Loan Tranche, respectively. (be) The Borrower shall deliver to IFC a receipt receipt, substantially in the form of Schedule 3, within five (5) 5 Business Days following each Disbursement. (c) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan in whole or in part: (i) if the first Disbursement has not been made by the one (1) year anniversary of the date of this Agreement; (ii) if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 5.02 (e) (Events of Default) is, in the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or (iv) on or after the two-year anniversary of the date of this Agreement. Upon any cancellation, the Borrower shall, subject to subsection (e) of this Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. (d) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice (which shall be a date not earlier than thirty (30) days after the date of that notice) provided that, subject to subsection (e) of this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date. (e) In the case of partial cancellation of the Loan pursuant to subsection (c) or (d) of this Section 2.02, interest on the amount then outstanding of the Loan remains payable as provided in Section 2.03 (Interest). (f) Any portion of the Loan that is cancelled under this Section 2.02 may not be reinstated or disbursed. Except as provided in Section 2.07 (Fees) and Section 2.13 (Expenses), no interest or fees shall accrue in respect of such portion of the Loan that is cancelled under this Section 2.02 (Disbursement Procedure).

Disbursement Procedure. (a) The Borrower 3.2.1 Subject to the satisfaction of the conditions set forth in Article 5, the Borrowers may request Disbursements by delivering to IFC IDB, at (a) least fifteen (15) Business Days prior to the proposed First Disbursement Date, (b) at least ten (10) Business Days before prior to each subsequent proposed Disbursement Date (other than a Disbursement of the Third B Loan Tranche), and (c) with respect to a Disbursement of the Third B Loan Tranche at least seven (7) Business Days prior to each subsequent proposed date of disbursementDisbursement Date, a Disbursement request substantially in the form of Schedule 2. Each Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the Philippines, or any other place acceptable to IFC, all as specified by the Borrower in the relevant Disbursement request. The first Disbursement shall be in an amount of not less than twenty million Dollars ($20,000,000) Request and each Disbursement thereafter (other than the last Disbursement) shall be in an amount of not less than ten million Dollars ($10,000,000). (b) The Borrower shall deliver to IFC a receipt substantially in the form of Schedule 3Exhibit 2 (Form of Disbursement Receipt), within five (5) Business Days following each Disbursementsigned by both Borrowers. 3.2.2 IDB is not obligated to make: 3.2.2.1 any B Loan Disbursement unless and until all Participants shall have made available to IDB, in immediately available funds, their proportionate share of such Disbursement in accordance with the Participation Agreements; or 3.2.2.2 any Disbursement (c) IFC may, by notice other than with respect to the BorrowerSecond B Loan Tranche) except pro rata from the A Loan and the B Loan provided, suspend however, that the right of the Borrower to Disbursements or cancel the undisbursed portion Third B Loan Tranche will be disbursed on a non pro rata basis. 3.2.3 Each Disbursement of the Loan shall be made in whole or Dollars at an account registered in part: a bank located in the United States, as specified in the Disbursement Request. With respect to (i) if any Disbursement other than the first Disbursement has not been made by the one (1) year anniversary of the date Third B Loan Tranche, eighty five percent (85%) of this Agreement; the total amount of each Disbursement, and (ii) if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 5.02 (e) (Events of Default) is, in the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or can reasonably be expected with respect to have a Material Adverse Effect; or (iv) on or after the two-year anniversary Disbursement of the date of this Agreement. Upon any cancellationThird B Loan Tranche, the Borrower shall, subject to subsection one hundred percent (e100%) of this Section 2.02that Disbursement, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. (d) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice (which shall be a date not earlier promptly transferred to Argentina by the Borrowers and exchanged for Pesos through the Argentine free foreign exchange market (Xxxxxxx Unico y Libre de Cambios) in accordance with the applicable laws and foreign exchange regulations no later than (x) thirty (30) days after any Disbursement other than the date Disbursement of that noticethe Third B Loan Tranche, and (y) provided that, subject to subsection three hundred and sixty five (e365) days after the Disbursement of this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date. (e) the Third B Loan Tranche. In the case of partial cancellation any Disbursement other than the Disbursement of the Third B Loan pursuant to subsection (c) or (d) of this Section 2.02Tranche, interest on the amount then outstanding balance of the Loan remains payable as provided total amount disbursed under each Disbursement shall be transferred to Argentina by the Borrowers and exchanged for Pesos through the Argentine free foreign exchange market (Xxxxxxx Unico y Libre de Cambios) in Section 2.03 (Interest)accordance with the applicable laws and foreign exchange regulations. 3.2.4 The Borrowers shall not request more than two (f2) Any portion Disbursements of the A Loan that is cancelled under this Section 2.02 may and First B Loan Tranche and Second B Loan Tranche, or only one (1) Disbursement of the Third B Loan Tranche. 3.2.5 A Disbursement Request shall be irrevocable. 3.2.6 The Borrowers shall not be reinstated or disbursed. Except as provided in Section 2.07 (Fees) and Section 2.13 (Expenses), no interest or fees shall accrue in respect of such portion of entitled to make any Disbursement Requests after the Loan that is cancelled under this Section 2.02 (Disbursement Procedure)Commitment Termination Date.

Disbursement Procedure. (a) The Borrower may request Disbursements under each Tranche by delivering to IFC IFC, at least ten (10) Business Days before prior to the proposed date of disbursementDisbursement, a Disbursement request substantially in the form of Schedule 2. Each Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the PhilippinesCountry, or any other place acceptable to IFC, all as specified by the Borrower in the relevant Disbursement request. The first Each Disbursement (other than the last one) shall be made in an amount of not less than twenty five million Dollars ($20,000,000) and each 5,000,000), provided, however, that the first Disbursement thereafter (other than the last Disbursement) shall may be made in an amount of not less than ten five million Dollars ($10,000,0005,000,000) but shall, in any such case, be made in an amount equal to, or greater than, two million Dollars ($2,000,000). (b) The Borrower shall deliver to IFC a receipt receipt, substantially in the form of Schedule 3, within five (5) Business Days following each Disbursement, together with an Investment Report, in a form reasonably satisfactory to IFC, for each Eligible Sub-loan Program for which the funds requested to be disbursed will be used. (c) Each Disbursement shall be evidenced by a non-endorsable promissory note (xxxxxx), payable on demand, for the aggregate principal amount of such Disbursement (each such promissory note, a “Note”), which shall be issued and delivered by the Borrower, in the form attached hereto as of Schedule 5, to secure its payment obligations hereunder. (d) The issuance of any of the Notes provided for hereunder is not intended to, and shall hence not, constitute a novation of any of the Borrower’s obligations hereunder or under any of the other Transaction Documents, as the case may be. (e) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan each Tranche in whole or in part: (i) if the first Disbursement has not been made by (y) March 8, 2011, for Disbursements under the one IFC Tranche; or (1z) year anniversary of November 8, 2010, for Disbursements under the date of this AgreementParallel Tranche; (ii) if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 5.02 (e6.02(d) (Events of Default) is, in the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or (iv) on or after (y) March 8, 2012, for Disbursements under the two-year anniversary of IFC Tranche; or (z) March 8, 2011, for Disbursements under the date of this AgreementParallel Tranche. Upon any cancellation, the Borrower shall, subject to subsection (e) of this Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. (d) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice (which shall be a date not earlier than thirty (30) days after the date of that notice) provided that, subject to subsection (e) of this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date. (e) In the case of partial cancellation of the Loan pursuant to subsection (c) or (d) of this Section 2.02, interest on the amount then outstanding of the Loan remains payable as provided in Section 2.03 (Interest). (f) Any portion of the Loan that is cancelled under this Section 2.02 may not be reinstated or disbursed. Except as provided in Section 2.07 (Fees) and Section 2.13 (Expenses), no interest or fees shall accrue in respect of such portion of the Loan that is cancelled under this Section 2.02 (Disbursement Procedure).