Loan Disbursement. Subject to the satisfaction of the terms and conditions herein contained, the Loan Proceeds shall be disbursed as follows:
(a) The Closing shall be made at such time as all of the conditions and requirements of this Agreement required to be performed by Borrower or any other Person prior to the Closing have been satisfied or performed.
(b) Advances of Loan Proceeds for construction hard costs shall be based on a percentage of completion basis and shall not be made more than once per month. Loan Proceeds disbursed by Lender into an escrow, including the Construction Escrow, shall be considered to be disbursed to Borrower from the date of deposit into that escrow, and interest shall accrue on those Loan Proceeds from that date.
(c) Borrower hereby requests and authorizes Lender to make advances directly to itself for payment and reimbursement of all interest, charges, costs and expenses incurred by Lender in connection with the Loan, including, but not limited to, (i) without limitation to the establishment of the Interest Reserve, interest due on the Loan, and any points, loan fees, service charges, commitment fees or other fees due to Lender in connection with the Loan; (ii) all amounts due under any Rate Management Agreement; (iii) all title examination, survey, escrow, filing, search, recording and registration fees and charges; (iv) all fees and disbursements of architects, engineers and consultants engaged by Borrower and Lender, including the fees and disbursements of the Architect and the Lender Consultant; (v) all documentary stamp and other taxes and charges imposed by law on the issuance or recording of any of the Loan Documents; (vi) all Appraisal fees; (vii) all title, casualty, liability, payment, performance or other insurance or bond premiums; (viii) all fees and disbursements of legal counsel engaged by Lender in connection with the Loan, including, without limitation, counsel engaged in connection with the enforcement or administration of this Agreement or any of the Loan Documents; and (ix) any amounts required to be paid by Borrower under this Agreement, the Security Instrument or any Loan Document after the occurrence of an Event of Default (all of which are herein collectively referred to as “Loan Expenses”). Notwithstanding the foregoing, any Loan Expenses included in a Disbursement Request (as hereinafter defined) and meeting all requirements for disbursement hereunder shall be paid through disbursement of funds by Lender through the ...
Loan Disbursement. (a) The Loan shall be advanced in one (1) disbursement. Each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender's Pro Rata Share of such disbursement in immediately available funds not later than the times designated in Section 10.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender's Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender's Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender's Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrower such Lender's Pro Rata Share of such disbursement. If Administrative Agent funds to Borrower such Lender's Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender's Pro Rata Share of such disbursement. Nothing in this Section 10.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.
Loan Disbursement. The borrower must apply for withdrawal to the lender before using the funds. If the lender, after review, deems that the withdrawal conditions stipulated in this contract are met, the loan funds will be transferred to the agreed borrower’s account.
Loan Disbursement. At closing, Lender shall advance the entirety of the proceeds of the Loan into the escrow established by Borrower in connection with Borrower’s acquisition of the Property.
Loan Disbursement. (i) The Loan shall be disbursed by the Lenders on the Effective Date, in accordance with the terms and conditions hereof, pro rata in proportion to their respective Pro Rata Shares.
(ii) Prior to the Effective Date, the Administrative Agent shall give the Lenders notice by facsimile confirming the amount of the aggregate disbursement, the date of the disbursement and each Lender’s ratable share of such disbursement. Each of the Lenders shall wire transfer to the Administrative Agent its ratable share of the disbursement no later than 1:00 p.m. (Pittsburgh, Pennsylvania time) on the date designated by the Administrative Agent for the disbursement which shall be no sooner than one (1) Business Day for disbursements subject to the Base Rate Option and three (3) Business Days for disbursements subject to a LIBOR Rate Option. Disbursement of the Loan will be made, into the account of Borrower maintained with PNC Bank (the “Account”), unless otherwise directed by Borrower in writing. Borrower shall pay, upon being billed therefor, Administrative Agent’s standard charges for account maintenance and wiring of funds. All Loan proceeds will be considered to have been disbursed to and received by Borrower upon, and interest on the Loan proceeds will be payable by Borrower from and after, the deposit or disbursement of the Loan proceeds as aforesaid.
(iii) The Lenders shall not be obligated to disburse the Loan until Borrower, at its sole cost and expense, shall have fulfilled all terms, provisions and conditions of this Agreement applicable thereto, including, without limitation, the delivery and approval of the items referred to in Section 6.1 are satisfied.
(iv) Disbursed Loan proceeds shall be evidenced by the Notes and the Loan Documents.
Loan Disbursement. Subject to the satisfaction of the terms and conditions contained in this Section 4, the Initial Advance shall be disbursed at Closing. The Interest Reserve shall be disbursed in accordance with Section 2.20.
Loan Disbursement. The disbursement of all Loans will be made in accordance with the terms of this Agreement.
Loan Disbursement. Upon satisfaction of the conditions to disbursement set forth in Section 4.1 below and pursuant to the disbursement procedures set forth in Section 4.2 below, the County, through the approved Escrowholder, will cause the disbursement of the Loan as provided for in Section 4.2.
Loan Disbursement. 2.1. Under this agreement (further referred to as the “Agreement”), the Lender shall grant the Borrower a loan amount described in Section 1.4.
2.2. The actual loan payment (transfer) shall be implemented through Crowdestor OÜ (registration number 14388462, address: Xxxxxxxxxxxx 0, Xxxxxxx, Xxxxxxx) (further referred to as the “CROWDFUNDING PLATFORM”), on behalf of the Lender, paying the Loan Amount to the Borrower (in line with provisions for effectuating payments as envisaged further in Section 4 below) after all related loan agreements for lending the total minimum sum set out in Section 1.8 to the Borrower have been concluded with the Borrower through the Portal for the purposes indicated in Section 5.1.1 by the date set out in Section 1.9 (or by the end of the term extended according to the procedure set out in Section 7.1).
2.3. The Loan Amount shall be released (in line with provisions in Section 5.1.1) after the Collateral has been properly established in favor of the Collateral Agent to effectively guarantees any and all monetary claims of the Lender and Collateral Agent against the Borrower arising from the Agreement (including claims related to repayment of the Loan Amount, payment of interest, default interest, compensation for early termination of the Agreement, compensation of damages and expenses and fees) (hereinafter referred to as the “Collateral”). Additionally, the Collateral amount must exceed the total amount lent under the loan agreements concluded through the Portal for the purpose mentioned in Section 5.1.1 by 2 times.
Loan Disbursement. 3.1 A loan may be disbursed to the extent of the available balance of the loan commitment as determined using the following formula: ACB = TC – (LCO + LPR), where ACB means the Available Commitment Balance; TC means the Total Commitment as determined in Clause 1.1 hereof; LCO means the Loans Currently Outstanding; LPR means the Loans Previously Repaid. Repayment of a loan shall not serve to increase the available balance of the loan commitment.
3.2 The loan shall be disbursed by the means of a bank transfer of the corresponding loan amount to account No. 40702810026070100405 maintained by the Borrower with OPERU of the Mezhdurechensk Branch No. 7763 of the Siberia Bank of the Sberbank of Russia (name of the servicing bank in Russian: ), based on the Borrower’s loan disbursement request made in the form of Schedule 1 hereto. A loan may be disbursed subject to there being no amounts overdue or unpaid penalties outstanding under this Agreement or any other loan agreement (including any line of credit agreements) and/or instrument and/or surety agreement and/or bank guarantee/counter guarantee/surety agreement which have been or may be executed by and between the Lender and the Borrower.
3.3 A loan may be disbursed if:
3.3.1 The loan security agreement mentioned in Clause 9 hereof is duly executed in accordance with the existing Russian legal requirements;
3.3.2 The Borrower and the guarantors specified in Clause 9 hereof execute with the Lender agreements authorizing the Lender to directly debit the accounts maintained by the Borrower and the guarantors specified in Clause 9 with the Lender and listed in Schedule 2 hereto by way of recovery of any amounts as may come overdue hereunder;
3.3.3 The Borrower pays the loan facility fee due to the Lender hereunder;
3.3.4 The Lender and the Borrower execute a novation agreement (the “Novation Agreement”);
3.3.5 The security under the Novation Agreement is duly perfected as a guarantee provided by the guarantors specified in Clause 9 hereof, in accordance with the existing Russian legal requirements;
3.3.6 The Borrower and the guarantors specified in Clause 9 hereof execute with the Lender agreements authorizing the Lender to directly debit the accounts maintained by the Borrower and the guarantors specified in Clause 9 with the Lender and listed in Schedule 2 hereto by way of recovery of any amounts as may come overdue under the Novation Agreement.
3.4 The loan may be disbursed in the period ending on October 15, 20...
