Receipt of Loan Proceeds Sample Clauses

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Receipt of Loan Proceeds. Borrower acknowledges and agrees with Lender that any disbursement of the proceeds of the Loan made by Lender to any account or person designated to receive such proceeds by either John ▇▇▇▇▇ ▇▇ Tere▇▇ ▇▇▇▇▇ ▇▇▇ll be conclusively deemed to be an advancement of such proceeds of the Loan to Borrower and Borrower will, on demand, confirm that Borrower has received all proceeds of the Loan that have been disbursed to third parties at Borrower's direction, and that Borrower has received the full benefit of such proceeds.
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Receipt of Loan Proceeds. The Trustee shall receive and hold, or cause to be held as part of the Disbursement Trust Fund, all disbursements of Loan Proceeds received by it from the Lenders under the Bontang VI Loan Agreement.
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Receipt of Loan Proceeds. On the day of settlement of the issuance and delivery of the Notes and on each date an Advance is made, the Local Government Unit shall receive the proceeds of the same from the Bank and apply such proceeds diligently to the purposes of the Project.
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Receipt of Loan Proceeds. Borrower shall receive the disbursements to be made hereunder as a trust fund for the purpose of paying the direct and indirect costs of the Renovation Work and apply the same first to such payment before using any part thereof for any other purpose.
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Related to Receipt of Loan Proceeds

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.

  • Withdrawal of Loan Proceeds Except as ADB may otherwise agree, the following provisions of this Schedule shall apply to the withdrawal of Loan proceeds from the Loan Account.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Use of Loan Proceeds The Borrower shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof.

  • Payment of Loan 1. The Loan Issuing Account The borrower shall open the following loan account with the lender through which the loan issuance and payment shall be handled. Account Name: Shengfeng Logistics Group Co., Ltd Account Number: **********