Initial Disbursement Sample Clauses

Initial Disbursement. Prior to completion of the Work, the City will pay the Initial Disbursement indicated in Appendix A1 to the Property Owner.

Initial Disbursement. Subject to the satisfaction (or waiver by the Required Lenders) of the conditions set forth in Section 4.1, Section 4.2 and this Section 2.2(a) and subject to the terms in this Agreement and in reliance on the representations and warranties in the Loan Documents, the Borrower shall provide a written notice to each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment in form and substance reasonably satisfactory to each such Lender from an Authorized Officer of the Borrower (certifying that all such aforementioned conditions in this Section 2.2(a) are satisfied or are expected to be satisfied on the proposed date of the funding of the Initial Disbursement) requesting each such Lender fund in a single advance its Pro Rata Initial Disbursement Share of the Initial Disbursement at least five (5) Business Days in advance of the proposed date of the funding of the Initial Disbursement amount by such Lender (or such shorter period agreed to by all such Lenders in their sole discretion) with the proposed date of funding being required to be a single Business Day during the period commencing on (and including) the Agreement Date and ending on (and including) February 25, 2019 (or such earlier date set forth in the proviso of the first sentence of Section 2.3(a) or caused by the Facility Termination Date occurring or any earlier date of termination based on remedies available upon (or at the time of) the occurrence of an Event of Default) (such end date of the Initial Disbursement Commitments, the “Remaining Initial Disbursement Commitment Termination Date”), whereupon each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment severally but not jointly agrees to lend to the Borrower in a single advance on the proposed date of funding, the principal amount (but not less than the principal amount) of the total Initial Disbursement Commitment amount multiplied by the percentage set forth opposite such Lender’s name in Annex A under the heading “Pro Rata Initial Disbursement Share.” Following receipt of such written notice from Borrower pursuant to the above terms in this Section 2.2(a), each Lender (other than the Specified Lenders) holding an Initial Disbursement Commitment with a Pro Rata Initial Disbursement Share greater than 0% shall make its Pro Rata Initial Disbursement Share of the Initial Disbursement requested by the Borrower pursuant to such written notice available to the Borrower on the propose...

Initial Disbursement. Concurrently with the initial Disbursement: (a) CIRM shall have received this Agreement duly executed by Loan Recipient and the Budget; (b) CIRM shall have received copies of Loan Recipient’s certificate of incorporation and bylaws, or articles of organization or certificate of formation, as applicable, and operating agreement (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary; [****] Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to omitted portions. (c) CIRM shall have received copies of resolutions of Loan Recipient’s Board of Directors (or similar governing body) and (if applicable) stockholders authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, and the consummation of the transactions contemplated hereby and thereby, all certified in each instance by its Secretary or Assistant Secretary; (d) CIRM shall have received copies of the certificates of good standing for Loan Recipient (dated no earlier than 30 days prior to the date hereof) from the office of the Secretary of State of its incorporation or organization and of each state in which it is qualified to do business as a foreign corporation or organization; (e) CIRM shall have received a list of the Loan Recipient’s Authorized Representatives; (f) CIRM shall have received certification of the insurance required under Section 7.3 of this Agreement; (g) CIRM shall have received UCC, tax and judgment lien search results against the Property of Loan Recipient evidencing the absence of Liens on its Property except as permitted by Section 7.8 hereof; (h) CIRM shall have received the favorable written opinion of Loan Recipient’s in-house or outside counsel, in the form attached hereto as Exhibit C, regarding the existence and power of Loan Recipient, the due authorization of the Loan Agreement (including the transactions contemplated thereby) and the enforceability of the Loan; and (i) Loan Recipient shall certify that no Material Adverse Effect has occurred since the date that Loan Recipient submitted its application to CIRM. (j) Loan Recipient shall have demonstrated to CIRM’s reasonable but sole satisfaction that it has satisfied the Financial Milestone.

Initial Disbursement. The Borrower may use the Initial Disbursement, once the following documents have been delivered to the Administrative Agent:

Initial Disbursement. The City shall disburse an initial payment equal to one-third (1/3) of the Grant (the “Initial Disbursement”) when the following conditions have been met: A. execution of the Grant Agreement;

Initial Disbursement. The initial Advance made by Governmental Lender to Borrower pursuant to this Agreement.

Initial Disbursement. Subject to satisfaction of the conditions set forth in Sections 3.1 and 12.3, proceeds of the Loan in an amount equal to $108,000,000 (the “Initial Disbursement”) shall be disbursed on the Effective Date to or for the account of Borrower, as directed by Borrower.

Initial Disbursement. The OOGEDT shall disburse to the Company the initial disbursement of the Award in the amount of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Initial Amount”) as soon as practicable following the Effective Date provided that all other requirements prior to receiving any disbursements pursuant to this Agreement have been satisfied.

Initial Disbursement. The initial disbursement shall be used to payoff the principal balance and terminate Borrower's existing line of credit with Bank.

Initial Disbursement. Subject to the conditions set forth in Section 3.1, the Initial Disbursement, which amount is equal to the Aggregate Loan Commitment, less all amounts disbursed prior to the Effective Date with respect to the Original Horizon Loan and the Original National City Loan, less an amount equal to the Aggregate Holdback, shall be disbursed at the closing to or for the account of, and as directed by, Borrowers. An amount equal to the Aggregate Holdback shall be retained by Administrative Agent and disbursed to Borrowers, if at all, in accordance with the terms and conditions of Section 3.4 below.