Second Disbursement Clause Samples

Second Disbursement. The second disbursement each year corresponding to xx% of the current year’s budget may be done after approval of the annual reports from the previous period.

Second Disbursement. Following Initial Disbursement, the City shall disburse further payments up to 90% of the total award when the following conditions have been met: A. receipt and approval of the Mid-Construction Report, Mid-Construction Expense Reporting Form and Second Invoice to the City, B. completion of Mid-Construction meeting with the City, and

Second Disbursement. In order to be eligible for the second disbursement of funding (the “Second Disbursement”), the Recipient must: demonstrate to the IESO that it has spent the First Disbursement in its entirety on Project Expenses through the submission of Proof of Payment in respect of the First Disbursement amounts. submit the following, in addition to any other Deliverables set out in Schedule D to this Agreement: a Request for Funding; an Interim Check-in Report as outlined in Schedule D; and any other information the IESO may request, including any Check-In Reports, in its sole and absolute discretion. Subject to the IESO’s approval of the Request for Funding for the Second Disbursement, and provided that the Recipient is not in breach of any of its obligations under this Funding Agreement, the IESO will pay the Recipient the Second Disbursement in an amount equal to the amount requested by the Recipient in the Request for Funding, which amount shall not exceed the amount that is: 40% of the Maximum Funding Amount; or if the First Disbursement was an amount that was less than 20% of the Maximum Funding Amount: 40% of the Maximum Funding Amount; plus an amount that represents the difference between the amount received under the First Disbursement and 20% of the Maximum Funding Amount (the “First Disbursement Top-up”); provided that the Recipient has provided the IESO with Proof of Payment for Project Expenses in respect of the First Disbursement Top-up, and such Project Expenses were not covered by the First Disbursement.

Second Disbursement. Provided that all other requirements prior to receiving any disbursements pursuant to this Agreement have been satisfied, the OOGEDT shall disburse to the Company the second half of Award disbursement in the amount of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Additional Amount”) seven (7) months after the Effective Date, unless the Company demonstrates to the OOGEDT’s satisfaction that the disbursement of the Additional Amount should occur sooner based on significant completion of the commercialization milestones set forth on Exhibit C hereto. However, in no event shall the disbursement of the Additional Amount occur sooner than four (4) months after the Effective Date. Texas Emerging Technology Fund Award and Security Agreement

Second Disbursement. When Borrower has provided to Lender Evidence of Payment (as that term is defined below) that Borrower has paid from its own funds an amount equal to at least $2,079,931.00 for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement and that the entire amount of the Initial Disbursement has been expended for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement, Lender shall make a disbursement to Borrower in the amount of $5,000,000.00 (the “Second Disbursement”).

Second Disbursement. Lender shall make the second Disbursement (the “Second Disbursement”) in the estimated amount not to exceed Fourteen Million Six Hundred Twenty Thousand and No/100 Dollars ($14,620,000.00) on or before February 28, 2011, provided that each of the following conditions has been satisfied on or before said date: (i) The Second Disbursement shall be made concurrently with the refinance of certain real property situated in Ventura County, California (the “Ventura Property”), described on Schedule I hereto, and commonly referred to as the “▇▇▇▇▇▇▇ Ranch.” (ii) The Ventura Property is and shall continue to be vested in West ▇▇▇▇▇▇▇▇ Road Oxnard, LLC, a California limited liability company (“WGRO”) an affiliate of Borrower, owned and managed under the same structure and by the same owners as Borrower. (iii) The amount of the actual Second Disbursement will be based on and limited to thirty-eight and 04/100 percent (38.04%) of the aggregate appraised value of the Santa ▇▇▇▇ Property and the Ventura Property as set forth in appraisals in form and substance satisfactory in all respects to Lender. (iv) Title to the Property shall not be encumbered by any additional matters since the closing of the first Disbursement, and Lender shall be provided with endorsements to its policies of title insurance confirming the first priority of the Deed of Trust in the aggregate amount of the first and Second Disbursements of the Loan proceeds, subject to no additional exceptions other than those accepted at the time of the initial Disbursement. (v) Lender shall be provided with a mortgagee’s title insurance policy insuring the Lender’s first priority lien in the Ventura Property subject only to such encumbrances as Lender may approve in its sole and absolute discretion. The amount of the title insurance insuring the existing Deed of Trust and the new liens to be established in connection with the Second Disbursement shall be increased to equal to the amount of the Loan advanced. (vi) The condition and leasing status of the Ventura Property shall be subject to Lender’s approval in its sole and absolute discretion. All tenants of the Ventura Property shall have provided Lender with tenant estoppel certificates and subordination, nondisturbance and attornment agreements in Lender’s customary form without material deviation. In addition, Lender shall have been provided with certificates of insurance evidencing liability and casualty insurance acceptable to Lender. (vii) The proceeds of...

Second Disbursement. (a) In order to be eligible to submit a Request for Payment for the second disbursement (the “Second Disbursement”), the Recipient must demonstrate to the IESO that it has spent the First Disbursement in its entirety on Project Expenses, as evidenced by the submission of:‌ (i) copies of Invoices for any and all consideration paid for External Resources and suppliers of goods or services; (ii) copies of timesheets for services completed by Internal Resources; (iii) copy of the Interim Report; (iv) proof that the Recipient has paid the Invoices and/or paid for the services provided by Internal Resources; and (v) a summary chart, in the form provided by the IESO on the Website (if applicable), of the items outlined in Sections 5.4(a)(i) and 5.4(a)(ii) that specifies: (1) Invoice numbers or date of timesheet, as applicable; (2) total Invoice or timesheet amounts; (3) the hours worked in respect of the Deliverables and the hourly rate of the applicable Internal Resource(s); and (4) Excluded Expenses to be deducted from the Invoices or timesheets. (b) If the IESO approves the Request for Payment for the Second Disbursement, and provided that the Recipient is not in breach of any of its obligations under this Funding Agreement, the IESO will pay the Recipient 40% of the Maximum Funding Amount.

Second Disbursement. Subject to the conditions set forth in Section 5.2, each Lender holding a Second Disbursement Commitment severally but not jointly agrees to lend to the Borrower, at the option of the Borrower, on the Second Disbursement Date up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Second Disbursement Commitment” by making such amount available to the Borrower by wire transfer of such amount to an account or accounts designated in writing by the Borrower on the proposed date of funding. Amounts borrowed under this Section 2.1(b) are referred to as the “Second Disbursement.” Upon the earlier to occur of (i) the date of funding of the Second Disbursement by any Lender and (b) 5:00 p.m. on September 15, 2022, the remaining Second Disbursement Commitment amount, if any, of such Lender shall be automatically and simultaneously terminated.