Requirements for Initial Disbursement Sample Clauses

Requirements for Initial Disbursement. Prior to the Initial Disbursement of the Loan Proceeds, as a condition to the Loan Closing, Borrower shall execute, acknowledge and deliver to, procure for, deposit with and pay to, Lender, the following, all in form and substance satisfactory to Lender:
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Requirements for Initial Disbursement. Notwithstanding the foregoing, Borrower covenants and agrees to immediately, and without expense to Xxxxxx, satisfy the following additional requirements with respect to the Initial Disbursement: 3.1.1 Deliver to Lender the required Loan Documents. 3.1.2 Deliver to Lender such environmental studies, audits and reliance letter(s) with respect to the Mortgaged Property in form and content acceptable to Lender in its sole and absolute discretion. 3.1.3 Deliver to Lender a certificate or policy for all insurance required, under the terms hereof, to be maintained by Xxxxxxxx, provided that evidence of property and casualty insurance for the Mortgaged Property shall be delivered pursuant to Section 3.2.5 below. 4 3.1.4 Deliver to Lender Certificates of Good Standing for Borrower issued by the Wisconsin Secretary of State and the Delaware Secretary of State within thirty (30) days of the Effective Date. 3.1.5 Deliver to Lender a Certificate of Good Standing for Guarantor issued by the Delaware Secretary of State within thirty (30) days of the Effective Date. 3.1.6 Deliver to Lender a Certificate of Good Standing for Third-Party Mortgagor issued by the Delaware Secretary of State within thirty (30) days of the Effective Date. 3.1.7 Deliver to Lender the following corporate documents of Borrower: (a) Certificate of Incorporation; (b) Certificate of Authority to Transact Business in Wisconsin; (c) Bylaws; and (d) such other and further matters or documents as Lender may reasonably require. 3.1.8 Deliver to Lender the following corporate documents of Guarantor: (a) Certificate of Incorporation; (b) Bylaws; and (c) such other and further matters or documents as Lender may reasonably require. 3.1.9 Deliver to Lender the following corporate documents of Third-Party Mortgagor: (a) Certificate of Formation; (b) Operating Agreement; and (c) such other and further matters or documents as Lender may reasonably require. 3.1.10 No uncured Event of Default hereunder or event which would constitute such an Event of Default but for the requirement that notice be given or time elapse shall have occurred and be continuing, and all representations and warranties made by Borrower, Guarantor and Third-Party Mortgagor, as applicable, in this Agreement and the Loan Documents shall continue to be true and correct. 3.1.11 Deliver to Lender such assurances that any other loans or mortgages, rights of reversion, leases or other encumbrances for any portion of any collateral pledged by Borro...
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Requirements for Initial Disbursement. No funds shall be disbursed pursuant to this Agreement until all of the following have occurred:
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Related to Requirements for Initial Disbursement

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

  • Conditions Precedent to Disbursement Agency’s obligation to disburse Grant Funds to Grantee under this Grant is subject to satisfaction of each of the following conditions precedent:

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