Loan Disbursement Clause Samples
The Loan Disbursement clause outlines the terms and procedures under which loan funds are released to the borrower. It typically specifies the conditions that must be met before disbursement, such as the completion of documentation, satisfaction of pre-disbursement covenants, or achievement of certain project milestones. By clearly defining when and how funds are provided, this clause ensures both parties understand the process and helps prevent disputes or delays related to the release of loan proceeds.
POPULAR SAMPLE Copied 24 times
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. 11.3.1 Not later than 1:00 P.M. (Eastern time) on the Closing Date each Lender shall make available to Agent, the full amount of such Lender's Commitment in immediately available funds. Unless Agent shall have been notified by any Lender prior to such time for funding that such Lender does not intend to make available to Agent such Lender's Loan, Agent may assume that such Lender has made such amount available to Agent. In any case where a Lender does not for any reason make available to Agent such Lender's Loan, Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrower such Lender's Loan. If the amount so funded by Agent is not in fact made available to Agent by the responsible Lender, then Borrower agrees to repay to Agent such amount, together with interest thereon at the Base Rate for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, not later than three (3) Business Days following Agent's demand to Borrower that such repayment be made. In addition, such Lender agrees to pay to Agent forthwith on demand such corresponding amount, together with interest thereon at the Federal Funds Rate. If such Lender shall pay to Agent such corresponding amount, such amount so paid shall constitute such Lender's Loan, and if both such Lender and Borrower shall have paid and repaid, respectively, such corresponding amount, Agent shall promptly return to Borrower such corresponding amount in same day funds; interest paid by Borrower in respect of such corresponding amount shall be prorated, as of the date of payment thereof by such Lender to Agent. In the event that Agent shall not have funded such Lender's Pro Rata Share under this SECTION 11.
3.1 then Borrower shall not be obligated to accept a late funding of such Lender's Pro Rata Share if such funding is made more than two (2) Business Days following the applicable Funding Date. If Borrower declines to accept such delinquent funding, Agent shall promptly return to such Lender the amount of such funding. Nothing in this SECTION 11.3.1 shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender.
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. 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. 2.1. The Lender shall disburse the Loan within a maximum period of five (5) calendar days from the execution of this Agreement, by means of transfer or deposit to the bank account indicated by the Borrower for such purpose.
2.2. All disbursements shall be made by means of deposit or transfer to the bank account held by the Company as indicated below: Bank: Banc Sabadell SWIFT: ▇▇▇▇▇▇▇▇▇▇▇ IBAN: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Beneficiary: NURA TECHNOLOGY SL
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. 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. 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. Both parties agree that Party A shall, after the signing of this contract, disburse the loan amount to Party B’s bank account in installments.
Loan Disbursement. The disbursement of all Loans will be made in accordance with the terms of this Agreement.