First Loan Portion Clause Samples

First Loan Portion. (a) On the First Payment Date, provided the Further Payment Conditions are met, the Lender shall pay (or procure the payment of) $1 617 093. 99 into the Borrower’s Nominated Account, the First Loan Portion of which will be deemed to be: (i) the Loan Portion of that payment; and (ii) advanced to the Borrower under the terms of this Agreement. (b) The First Loan Portion must be used by the Borrower to pay ESCO. (c) Upon receipt of the First Loan Portion, the Borrower will procure that its Bankers immediately transfer the First Loan Portion to ESCO. The Borrower will send the relevant proof of payment to the Lender.