Common use of LOAN AND DISBURSEMENT Clause in Contracts

LOAN AND DISBURSEMENT. At the request of the Borrower, the Bank hereby agrees to provide to the Borrower, and the Borrower hereby agrees to avail of the Loan the amount mentioned in Schedule-II for the purpose(s) set forth in the Borrower's proposal/Application Form and subject to the conditions hereof and the Application Form and the Sanction Letter. The Bank shall disburse the Loan in one lump sum or in tranches as per the needs of the Borrower and/or after taking into consideration the certificate of the architect or documentary evidence to the satisfaction of the Bank with respect to the progress of construction. The Bank shall have the right not to release the money till such time it is satisfied about progress of the Project. The decision of the Bank in this regard shall be final and binding on the Borrower. The Borrower shall acknowledge the receipt of the disbursement letter issued by the Bank, in the form required by the Bank, of each amount so disbursed.