Pre-Disbursement. The Recipient covenants and agrees to the following:
Pre-Disbursement. The disbursement of any installment of the loan shall only occur after having satisfactorily met the following conditions:
Pre-Disbursement. Upon submission of the first claim, the Recipients shall provide evidence to the Minister, to the Minister’s satisfaction, that they have available funds to carry out the Project and continue operating for the remainder of the Government Fiscal Year in which the claim is received by the Minister, or for a period of six months from the day the claim is received by the Minister, whichever is greater. No disbursement of the Contribution shall be made prior to the Recipients providing such satisfactory evidence. If the Recipients fail to satisfy such condition within one hundred and twenty (120) days of the receipt of the first claim, the Minister may, at his discretion, terminate the Agreement upon written notice. Subsequently, at the beginning of each new Government Fiscal Year, the Recipients shall provide evidence to the Minister, to the Minister’s satisfaction, that they have available funds to carry out the Project and continue operating for that Government Fiscal Year. No disbursement of the Contribution shall be made prior to the Recipients providing such satisfactory evidence. If the Recipients fail to satisfy such condition within one hundred and twenty (120) days of the beginning of each Government Fiscal Year, the Minister may, at his discretion, terminate the Agreement upon written notice.
Pre-Disbursement
