Disbursement Requirements. A settlement corporation shall be subject to the disbursement rules, including the disbursement excess rules, applicable to “public foundations” under the federal Tax Act, with such modifications as are required, provided that such rules shall not apply to a settlement corporation or its disbursements until the first day of the taxation year of the corporation commencing after the end of a period of 15 years commencing on the day of payment of the first capital transfer payment described in chapter 8. For this purpose, any loans made by the settlement corporation pursuant to schedule I to this chapter shall be treated as disbursements, the relevant provisions of the federal Tax Act shall apply as if the permitted activities described in schedule I to this chapter were charitable activities and the persons to whom payments or loans are made by the settlement corporation in the course of carrying on these permitted activities shall be treated as qualified donees.
Disbursement Requirements. Upon satisfaction of the conditions set forth in Section 6, Disbursements under the Credit, with respect to each Credit, may be made:
(a) through drawings by an Exporter, Local Cost Provider, or Ancillary Services Provider under, and made in accordance with the terms of, a Letter of Credit (“L/C Payments”) for which Ex-Im Bank has issued a Guarantee Certificate under the relevant Credit Agreement.
(b) through advances from the Lender to the Borrower reimbursing the Borrower for the Financed Portion of payments to an Exporter, Local Cost Provider or Ancillary Services Provider and/or Ex-Im Bank (“Reimbursements”) for which Ex-Im Bank has issued a Guarantee Certificate under the relevant Credit Agreement.
Disbursement Requirements. Prior to any disbursement except the Initial Disbursement, Borrower shall provide to Xxxxxxx Mac the following items:
(i) A report setting out the progress of the Improvements on a percentage of completion basis and any other reports or information relating to the construction of the Improvements that may be reasonably requested by Xxxxxxx Mac;
(ii) Copies of any applicable invoices and/or bills and appropriate lien waivers for the prior period for which disbursement was made, executed by all contractors and suppliers supplying labor or materials for the Improvements;
(iii) If applicable, a report prepared by the professional engineer employed by Servicer pursuant to the Guide as to the status of the Improvements; and
(iv) A certification from Servicer (which may rely upon a certification from Borrower) setting forth the then current occupancy and debt service coverage ratio based on the then outstanding amount of the Bond Mortgage Loan. (Borrower agrees to provide promptly to Servicer upon request such reports and other information (including rent rolls and operating statements for the month preceding the requested disbursement) as may be necessary to support such certification.) If the Bonds are variable rate bonds, the debt service coverage ratio shall be calculated using the Underwriting Rate set forth in the Commitment. Rehabilitation Escrow Funds shall only be released for work completed and/or at the time of installation of appliances and fixtures. Rehabilitation Escrow Funds will not be released for stored items.
Disbursement Requirements. Together with each Advance Request for a TI/LC Advance, Borrower shall furnish Lender and Note B-2 Lender with copies of bills and other documentation (including lien releases or lien releases conditioned only upon payment) reasonably required by Note B-2 Lender (and consistent with the documentation required to be delivered under the Xxxxxx & Xxxxxxx Lease) to establish that the related tenant improvement expenses and leasing commissions have actually been incurred in accordance with the Xxxxxx & Xxxxxxx Lease, that any work relating thereto has been completed and that such amounts that are then due and payable or have been paid. Note B-2 Lender shall approve or disapprove any Advance Request (and, if approved, make the related TI/LC Advance to Borrower or Borrower’s designee) within ten (10) Business Days after Note B-2 Lender’s receipt of such Advance Request.
Disbursement Requirements. Upon satisfaction of the conditions set forth in Section 6, Disbursements under an Approved Credit may be made: (a) by drawings by an Exporter, Local Cost Provider, or Ancillary Services Provider under a Letter of Credit (“L/C Payments”) issued by or for the account of the Borrower; and/or (b) by advances from the Lender to the Borrower reimbursing the Borrower for the Financed Portion or Local Cost Financed Portion of payments to an Exporter, Local Cost Provider, or Ancillary Services Provider and/or Ex-Im Bank (“Reimbursements”); and/or (c) through direct payments to an Exporter or Ancillary Services Provider by the Lender on behalf of the Borrower for the Financed Portion (“Direct Disbursements”).
Disbursement Requirements. (1) Loan Portion A Upon compliance with the requirements set forth in Article 3, AKA will disburse Loan Portion A in one or more Advances within five (5) Banking Days but not earlier than at the disbursement dates stipulated in a completed and executed copy of a Drawdown Certificate after receipt of such Drawdown Certificate issued by the Exporter and confirmed by the Bank for deliveries evidenced in conformity with a Letter of Irrevocable Instructions for Disbursement of Payments (Lol) in form and substance as per Annex H hereto, if
(a) the Advance drawn together with all other Advances then outstanding does not exceed the maximum amount of the Loan, and
(b) each additional Advance drawn within a single calendar month amounts to at least US$ 300,000.00 (unless the amount of such Advance is equal to the Undrawn Balance or AKA agrees to a corresponding request of the Exporter and the Bank), and
(c) AKA has received a statement of account issued by the Exporter’s bank certifying the receipt of the Borrower’s down payment (being equal to 15 % of the Total Contract Value) in full.
(2) Loan Portion B AKA will disburse Loan Portion B in one or more Advances when the Hermes-Premia be come due either together with disbursements under Loan Portion A or after the first disbursement under Loan Portion A has been made.
(3) If after lapse of the First Repayment Date an Undrawn Balance remains AKA may at any time refuse to make (further) Advances notwithstanding the receipt of a Drawdown Certificate. In case the loan is not fully disbursed by such date AKA may extend the disbursement period always provided that the approval of Hermes can be obtained and no Event of Default has been occurred.
Disbursement Requirements. 9 Section 4.03 Specific Requirements for the First Disbursement. 10 Section 4.04 Supporting Documentation. 10
Disbursement Requirements. The IIC’s obligation to make any disbursement under the Loan shall be subject to compliance with each of the following conditions, to the total satisfaction of the IIC:
(i) The Borrower shall have honored or observed all the obligations, conditions, and covenants set forth herein and in the other Principal Documents.
(ii) No Material Adverse Change shall have occurred.
(iii) No Event of Acceleration and no event which, with lapse of time, notice, or both, would become an Event of Acceleration shall have happened, be continuing or happen as a result of the disbursement.
(iv) The IIC shall not have suspended the Loan disbursements.
(v) The Borrower shall have provided the IIC with the following documentation, to the total satisfaction of the IIC:
(a) the Disbursement Request;
(b) the documents evidencing the establishment, perfecting, and [recording]; [first priority] [filing in the register]4 of the Security.
(c) the Promissory Note issued as provided in Error! Reference source not found.; To the discretion of the IIC project team, any of these options could be considered if permitted by the applicable legislation provided IIC interests are not in risk
(d) the most recent audited and unaudited financial statements of the Borrower;
(e) copies of the insurance policies and pertinent original endorsements in favor of the IIC, as provided in Error! Reference source not found.Error! Reference source not found.;
(f) [the required documents or certifications evidencing that they are in force, as required under the provisions of the Environmental Management Plan set forth in Error!
(g) [the certificate of the Guarantors’ statement of assets as provided in Error! Reference source not found.]6
(h) except for the first disbursement of the Loan, the Receipt for the previous disbursement pursuant to the form attached as Error! Reference source not found. (the “Receipt”);
(i) true and faithful copies of the Corporate Documents of the Borrower [or the Guarantor] with regard to the Loan and the Principal Documents; and any modifications made to them; and
(j) any change of the information in the certification from the bank to which the proceeds of the disbursement shall be sent, as required in Error! Reference source not found. Error! Reference source not found., issued for any prior disbursement.
Disbursement Requirements. (a) What is practical period for disbursement
(b) Does collection agency have right of offset for direct payments received but not forwarded from creditor
(c) Who “owns” the money in the trust account being disbursed
Disbursement Requirements. Upon satisfaction of the conditions set forth in Section 6, Disbursements under the Credit, with respect to each Credit, may be made:
(a) except with respect to any IDC Disbursement, through drawings by an Exporter, Local Cost Provider, or Ancillary Services Provider under, and made in accordance with the terms of, a Letter of Credit (“L/C Payments”) for which Ex-Im Bank has issued a Guarantee Certificate under the relevant Credit Agreement. The parties hereto acknowledge and agree that to the extent a Lender, acting through the Agent, reimburses the L/C Bank for any L/C Payment or otherwise acquires a participation interest in such L/C Payment, such Lender shall, to such extent, be deemed to be a beneficiary of such Guarantee.
(b) except with respect to any IDC Disbursement, through advances from the relevant Lenders, acting through the Agent, to the Borrower reimbursing the Borrower for the Financed Portion or Local Cost Financed Portion of payments to an Exporter, Local Cost Provider or Ancillary Services Provider and/or Ex-Im Bank (“Reimbursements”) for which Ex-Im Bank has issued a Guarantee Certificate under the relevant Credit Agreement.
(c) with respect to any IDC Disbursement, in accordance with the Annex to the relevant Credit Agreement which sets forth the Utilization procedures for IDC.
