LOAN DISBURSEMENT SCHEDULE. A. The Energy Commission agrees to disburse funds to the Borrower upon the Borrower’s execution of the attached Promissory Note and required supplemental documents, including invoices as required in Section 3.B below.
B. Loan funds shall be disbursed on a reimbursement basis based on invoices submitted by Borrower in a form approved by the Energy Commission. Backup documentation for actual expenditures (such as timecards, vendor invoices, etc) and proof of payment must be provided to substantiate the request. Energy Commission staff will approve invoices only after verifying requested amounts against backup xxxxxxxx and determining that expenses are appropriate and used for the authorized purposes of this Loan. For executed Agreements, invoices for expenses incurred during the Agreement Term are eligible for reimbursement.
C. All invoices must be submitted within sixty (60) days after Project completion.
D. The final ten percent (10%) of the Loan amount will be withheld as retention until the final report is received from the Borrower and the Commission’s Project Manager determines the Project has been satisfactorily completed.
LOAN DISBURSEMENT SCHEDULE. A. The Energy Commission agrees to disburse funds to the Borrower upon the Borrower’s execution of the attached Promissory Note and required supplemental documents, including invoices as required in Section 3.B below.
B. Loan funds shall be disbursed on a reimbursement basis based on invoices submitted by Borrower in a form approved by the Energy Commission. Backup documentation for actual expenditures (such as timecards, vendor invoices, etc) and proof of payment must be provided to substantiate the request. Energy Commission staff will approve invoices only after verifying
C. All invoices must be submitted within sixty (60) days after Project completion.
D. The final ten percent (10%) of the Loan amount will be withheld as retention until the final report is received from the Borrower and the Commission’s Project Manager determines the Project has been satisfactorily completed.
LOAN DISBURSEMENT SCHEDULE. In its full discretion, Lender will disburse the Loan amounts upon execution and delivery of the Promissory Note by Airship.
