Common use of Disbursement Clause in Contracts

Disbursement. If a Repair Reserve Fund has been established, from time to time, as construction and completion of the Repairs progresses, upon Borrower’s submission of a Repair Disbursement Request in the form attached as Exhibit D to this Loan Agreement, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by Lender. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Lender as to the status of the Repairs, unless Lender has waived this requirement in writing. (E) Include with each Repair Disbursement Request, Borrower’s written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If a Repair Reserve Fund has been established, from From time to time, as construction and completion of the Repairs progresses, upon Borrower’s submission of a Repair Disbursement Request in the form attached as Exhibit D to this Loan AgreementAgreement as Exhibit D, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by Lender. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Lender as to the status of the Repairs, unless Lender has waived this requirement in writing. (E) Include with each Repair Disbursement Request, Borrower’s written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If a Repair Reserve Fund has been established, from From time to time, as construction and completion of the Repairs progresses, upon BorrowerXxxxxxxx’s submission of a Repair Disbursement Request in the form attached as Exhibit D to this Loan AgreementAgreement as Exhibit D, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by LenderXxxxxx. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Lender Xxxxxx as to the status of the Repairs, unless Lender Xxxxxx has waived this requirement in writing. (E) Include with each Repair Disbursement Request, BorrowerXxxxxxxx’s written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If a Repair Reserve Fund has been established, from From time to time, as construction and completion of the Repairs progresses, upon Borrower’s 's submission of a Repair Disbursement Request in the form attached as Exhibit D to this Loan AgreementAgreement as Exhibit D, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s 's Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by Lender. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Lender as to the status of the Repairs, unless Lender has waived this requirement in writing. (E) Include with each Repair Disbursement Request, Borrower’s 's written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If a Repair Reserve Fund has been established, from time to time, as construction and completion of the Repairs progresses, upon BorrowerXxxxxxxx’s submission of a Repair Disbursement Request in the form attached as Exhibit D to this Loan Agreement, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by LenderXxxxxx. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Lender Xxxxxx as to the status of the Repairs, unless Lender Xxxxxx has waived this requirement in writing. (E) Include with each Repair Disbursement Request, BorrowerXxxxxxxx’s written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If a Repair Reserve Fund has been established, from From time to time, as construction and completion of the Repairs progresses, upon Borrower’s submission of a Repair Disbursement Request in the form attached to this Continuing Covenant Agreement as Exhibit D to this Loan AgreementD, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Funding Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement of the actual costs of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by Funding Lender. (C) Include with each Repair Disbursement Request 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 Repairs. (D) Include with each Repair Disbursement Request, a report prepared by the professional engineer employed by Funding Lender as to the status of the Repairs, unless Funding Lender has waived this requirement in writing. (E) Include with each Repair Disbursement Request, Borrower’s written representation and warranty that the Repairs as completed to the applicable stage do not violate any laws, ordinances, rules or regulations, or building setback lines or restrictions, applicable to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request may be for an amount less than the Minimum Repair Disbursement Request Amount.

Disbursement. If (a) The money under the said Facility shall be disbursed by the Lender to the Borrower, upon the Borrower delivering to the Lender a Repair Reserve Fund has been establishedDrawdown Notice, from time to timein multiple tranches within the Availability Period, as based on the need or the progress of construction and completion of the Repairs progressesProject as per Disbursement Schedule described in the Sanction Letter . The decision of the Lender in regards to progress of construction shall be final, upon Borrower’s submission conclusive and binding on the Borrower and the Borrower shall acknowledge the receipt of a Repair Disbursement Request each disbursement, in the form attached as Exhibit D to this Loan Agreementand manner required by the Lender. However, and provided that no Event of Default has occurred and no condition exists which but for the passage of time or giving of Notice, or both, would constitute an Event of Default, Lender will make disbursements from the Repair Reserve Fund for payment or reimbursement disbursement of the actual costs Facility may be kept open at the sole discretion of the Repairs. In connection with each disbursement, Borrower will take each of the following actions: (A) Sign Borrower’s Repair Disbursement Request. (B) Include with each Repair Disbursement Request a report setting out the progress of the Repairs and any other reports or information relating to the construction of the Repairs that may be reasonably requested by Lender. (Cb) Include The entire Facility should be availed of within the number of months, from the date of loan sanction, as specified in the Schedule (Availability Period). The Borrower’s right to make drawls shall expire at the end of the Availability Period (“Drawdown End Date”). The dropline limit shall be on debit freeze mode during balance tenor after expiry of the Interest Payment Period (Moratorium Period) or as specified in Sanction Letter. However, the disbursement of the Facility may be kept open at the sole discretion of the Lender for an additional period of such number of days beyond the Availability Period as the Lender may deem fit with each Repair Disbursement Request copies or without minimum commitment charges. The mode and manner of any applicable invoices and/or bills and appropriate lien waivers for disbursement is left to the prior period for which disbursement was made, executed by all contractors and suppliers supplying labor or materials for sole discretion of the RepairsLender. (Dc) Include with The terms and conditions of this Agreement shall cover each Repair Disbursement Request, tranche disbursed and all tranche together shall be treated as a report prepared by single Facility for the professional engineer employed by Lender as to the status purpose of the Repairs, unless Lender has waived this requirement in writingAgreement. (Ed) Include If the Drawdown Notice is duly completed and all Conditions Precedents are duly fulfilled / satisfied, the Lender will proceed with each Repair Disbursement Request, Borrower’s written representation and warranty disbursement of the amount set out in the Drawdown Notice under the Facility. Provided that the Repairs as completed Lender shall have the absolute discretion to postpone, refuse or cancel the disbursement even if the Borrower is in compliance of all the Conditions Precedents. (e) The Lender may by notice to the applicable stage do Borrower suspend the drawdown or cancel further disbursements of the Facility, if the Facility shall not violate any lawshave been fully drawn within the Availability Period or such other period as may be decided by the Lender in accordance with the terms of this Agreement. (f) The Lender may, ordinancesat its discretion, rules or regulations, or building setback lines or restrictions, applicable maintain appropriate entries in its books of accounts in relation the Facility and such entries shall be final and binding upon the Borrower. (g) Disbursement of the Facility may be made directly to the Mortgaged Property. Except for the final Repair Disbursement Request, no Repair Disbursement Request Borrower and/or in such other manner as may be for decided solely by the Lender. (h) The Lender shall have the right to adjust PEMII or any other dues against any subsequent amount of the Facility due to be disbursed by the Lender to the Borrower. (i) All payments to be made by the Lender to the Borrower shall be as per applicable laws. (j) Borrower shall open an amount less than account with the Minimum Repair Disbursement Request AmountLender. Unless the Lender otherwise agrees, the right of the Borrower to make drawals from the Facility account shall cease after the expiry of the revolving tenor.