Subsequent Disbursements Clause Samples
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Subsequent Disbursements. Subject to the satisfaction of the conditions set forth in Section 4.1, Section 4.2 and this Section 2.2(b) and in reliance on the representations and warranties in the Loan Documents, to the extent the Borrower provides a written notice to the Agent and each Lender in form and substance reasonably satisfactory to Agent and each such Lender from an Authorized Officer of the Borrower (and with such written notice certifying that all such aforementioned conditions in this Section 2.2(b) are satisfied and with such written notice being in form and substance reasonably satisfactory to Agent and each such Lender) requesting each Lender holding a Subsequent Disbursement Commitment to fund its Pro Rata Subsequent Disbursement Share of the Subsequent Disbursement at least fifteen (15) Business Days in advance of the proposed date of the funding of such Subsequent Disbursement amount by such Lender (or such shorter period agreed to by all such Lenders in their sole discretion) with the proposed date of funding being required to be a Business Day, from the Business Day after the Agreement Date until (but not including) January 5, 2020 (or such earlier date set forth in the proviso of the first sentence of Section 2.3(a) or caused by the Facility Termination Date occurring or any earlier date of termination based on remedies available upon (or at the time of) the occurrence of an Event of Default) (such end date of the Subsequent Disbursement Commitment, the “Remaining Subsequent Disbursement Commitment Termination Date”), each Lender holding a Subsequent Disbursement Commitment severally but not jointly agrees to lend to the Borrower on the proposed date of funding, up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Subsequent Disbursement Commitment;” provided that each request for any such Disbursement or Loan shall be in an amount not less than $10,000,000. Following receipt of such written notice from Borrower pursuant to the above terms in this Section 2.2(b), each Lender holding a Subsequent Disbursement Commitment shall make its Pro Rata Subsequent Disbursement Share of such Subsequent Disbursement requested by the Borrower pursuant to such written notice available to the Borrower on the proposed date of funding of such Subsequent Disbursement covered by such written notice to the extent such Lender has received prior reasonably satisfactory evidence that the conditions set forth in Section 4.1, Section 4.2 and this...
Subsequent Disbursements. Upon Borrower’s review, due diligence, and approval of investment candidates in accordance with Exhibits I, II, III, and V, Borrower shall submit a disbursement request (each a “Disbursement Request”) to Director in a form and substance reasonably acceptable to the Director. Within ten (10) days of receipt of the Disbursement Request from Borrower, Director shall review the disbursement request to ensure that the proposed disbursement is to an Ohio company, is in the agreed-upon stage of development, is in a qualifying technology sector, is receiving matching funds at the agreed upon cost-share ratio outlined in Exhibit I, and if the aforementioned criteria are satisfied, subject to the last sentence of Section 2.1, Director will approve the request. Upon approval of the Disbursement Request, Loan Funds will be transferred to the Borrower. If Due Diligence and Enhanced Management Fees were included in the proposed budget in Exhibit V, Borrower may request a disbursement of Loan Funds for the budgeted Due Diligence and Enhanced Management Fees. Such requests shall be supported by documentation reasonably acceptable to the Director demonstrating the basis for the requested disbursement.
Subsequent Disbursements. To the extent of funds made available by or received from the Sponsor, the Custodian shall make any disbursements that are scheduled and due after the initial disbursement on a Purchased Eligible Loan (each, a “Subsequent Disbursement”), and shall issue to the Sponsor the related Participation Interests in such Subsequent Disbursements. The Sponsor shall provide to or at the direction of the Custodian the funds necessary to make any such Subsequent Disbursements, and the Sponsor, if requested by the Custodian, hereby agrees make such disbursements directly to the applicable educational institution as the delegee of the Custodian. The Sponsor shall sell to the Department Class A Participation Interests in the Purchased Eligible Loan with respect to the initial disbursement and such Subsequent Disbursements. Consistent with the terms of Section 4, the Department shall only purchase a Class A Participation Interest in any Subsequent Disbursement of a Purchased Eligible Loan, if such Subsequent Disbursement shall have been made by the Custodian or the Sponsor pursuant to the terms of this Section 7 prior to the related Purchase Date, and notice thereof shall have been provided to the Department.
Subsequent Disbursements. 5.2.1 Prior to making any Advances after the Initial Disbursement, except for the final Advance, the following additional conditions shall have been satisfied, as determined by Bank:
(a) All specific requirements for the disbursement set forth in the Disbursement Schedule shall have been satisfied.
(b) No Event of Default shall exist.
(c) The representations and warranties of Borrower in this Agreement and the other Borrower Loan Documents shall be true and correct in all material respects on and as of the date of the disbursement with the same effect as if made on such date.
(d) The Improvements shall not have been damaged by fire or other casualty unless Bank has determined that Bank will receive proceeds sufficient in Bank’s judgment to effect the satisfactory restoration of the Improvements and permit Project Completion prior to the Completion Date.
(e) If required by Bank, Bank shall have received confirmation to its satisfaction that
(f) If Bank has determined that the undisbursed proceeds of the Borrower Loan, together with Borrower’s Funds (if any), are insufficient to pay all costs to complete rehabilitation
(g) If required by Bank, (A) Title Insurer shall have issued its continuation endorsement to the Title Policy indicating that since the last preceding disbursement, there:
(1) has been no change in the condition of title to the Real Property; and (2) are no intervening liens that may now or hereafter take priority over the disbursement to be made, and (B) upon completion of the foundation, Title Insurer shall have issued its foundation endorsement to the Title Policy insuring Bank that the foundation is constructed wholly within the boundaries of the Real Property and does not encroach on any easements or violate any covenants, conditions or restrictions or any Governmental Requirement.
(h) Bank shall have received satisfactory evidence that there are no liens on Personal Property, except as otherwise agreed to by Bank.
Subsequent Disbursements. In order to carry out the subsequent Disbursements besides the payment of the fees and expenses payable to such date to the Banks pursuant to this Agreement, the Borrower or the Joint Obligors must deliver to the Administrative Agent the following documents and information, and the following assumptions must have been fulfilled:
a) A statement from Airbus that proves the amount and date of payment and pre-delivery set forth in the applicable Disbursement Request and that to such date there has not occurred an Airbus Event of Termination;
b) A certificate in terms of subparagraph f) 1 above.
c) That there is no amendment to the applicable law after the date of execution of this Agreement and no change in the circumstances in which it was entered into and nor is there a situation or condition that, in the reasonable opinion of each of the Banks, has as a consequence that the delivery of the applicable portion of the Credit Line for each Bank may be considered ilegal under applicable law; and
d) That the Borrower and the Joint Obligors have delivered to the Administrative Agent the applicable Promissory Notes corresponding to each Bank regarding each Disbursement. Once the foregoing conditions shall be fulfilled, at the Administrative Agents consideration, it is obligated to communicate through electronic means to Bancomext that the conditions have been satisfactorily fulfilled in order to carry out the first Disbursement. Additionally, the Administrative Agent is obligated to send Bancomext the information that proves the fulfillment of the conditions, in a term of no less than 3 (three) Business Days prior to the date of the applicable disbursement. Asimismo, una vez cumplidas las condiciones anteriormente señaladas respecto de la Disposición inicial o las Disposiciones subsecuentes, la Acreditada podrá llevar a cabo una Disposición conforme a lo siguiente: Additionally, once all of the foregoing conditions have been satisfied with respect to the initial Disbursement or the subsequent Disbursements, the Borrower may make a Disbursement as follows:
(i) The Credit shall be disbursed by the Borrower in accordance with the calendar applicable to each Financed Aircraft set for in Annex 1, in the understanding that: (i) the Banks will not be obligated to make available to the Borrower any amount once the Maximum Term of Disbursement has occurred and in excess of the Maximum Term of Disbursement and it is understood that the Borrower will not be authorized to make...
Subsequent Disbursements. Subsequent disbursements of Grant funds shall be released upon receipt of a completed Request for Disbursement Form, a status report pursuant to Section 7128(a) of the Regulations, an Actual Expenditures Report Form, and any other information required by Sections 7125 and 7128 of the Regulations, satisfactory to the Authority.
Subsequent Disbursements. Once the Initial Construction Disbursement has been made by Lender, Lender shall make further Construction Advances no more often than monthly (including the Final Construction Disbursement) upon receipt of a Draw Request, subject to the continuing satisfaction of the conditions set forth in Section 8.5 and to the following additional conditions:
(a) Lender shall have received such lien waivers, releases and affidavits with respect to all prior disbursements and all prior work, from contractors, subcontractors, sub-subcontractors, materialmen and other potential lienors (including without limitation Borrower’s Engineer), as may be reasonably required by Lender;
(b) All licenses, permits, consents, approvals and authorizations for the construction and development of the Improvements, or so much thereof as to which construction has been commenced, shall be in full force and effect and no notices of violation or revocation with respect to any thereof shall have been received;
(c) Lender shall have received such updates or recertifications to the survey of the Land as Lender may reasonably require, including, without limitation, a foundation survey when the foundation of the Improvements has been completed;
(d) Lender shall have received verification from the Inspecting Engineer, based upon a visual inspection, that the percentage or stage of completion is as represented on the Draw Request, and that all construction to date is in accordance with the approved Plans; and
(e) Lender shall have received such other instruments, documents and certificates as Lender may reasonably request.
Subsequent Disbursements. Subsequent disbursements of Grant funds shall be released in six (6) month intervals upon receipt of a completed Projected Expenditures Form, any status reports that may be due pursuant to Section 7128(a) of the Regulations, satisfactory to the Authority, and the Authority’s receipt of any Actual Expenditures Forms that may be due, and any additional information as described in Section 7125(b) of the Regulations, satisfactory to the Authority.
Subsequent Disbursements. Subject to the conditions set forth in Section 3.4, the proceeds of the Loan and Borrower’s Funds not disbursed pursuant to Section 3.1 shall be disbursed in accordance with the terms and conditions of Exhibit D. Disbursements made after the deposit of Borrower’s Funds shall be made first from the Borrower’s Funds Account until depleted and no proceeds of the Loan shall be disbursed by Lender until the amount of Borrower’s Retained Funds is reduced to $0. All disbursements shall be held by Borrower in trust and applied by Borrower solely for the purposes for which the funds have been disbursed. Lender has no obligation to monitor or determine Borrower’s use or application of the disbursements.
Subsequent Disbursements. After having made the first disbursement, Bank shall not be required to make any further disbursements if:
(a) Bank fails to receive a Draw Request or Bank in its reasonable judgment considers any Draw Request to be incomplete, based on Bank’s observations while visiting the construction site; or
(b) The Improvements are materially damaged and not repaired, unless Bank receives funds from Borrower or insurance proceeds sufficient to pay for all repairs in a timely manner; or
(c) The Property or any interest in it is affected by eminent domain or condemnation proceedings; or
(d) For any reason the title insurer fails or refuses at Bank’s request to issue a disbursement endorsement or its equivalent, that Bank in its reasonable judgment may require; or
(e) A stop notice or notice of claim of lien is recorded against the Land the Improvements, unless such lien is discharged either by the claimant upon payment by Borrower or by Borrower recording a surety bond in accordance with applicable Arizona law, or providing other surety reasonably acceptable to Bank; or
(f) The Loan is “out of balance” according to Section 1.2 of this Agreement, and Borrower fails to comply with any demand by Bank to deposit funds; or
(g) Under any of the Loan Documents, an Event of Default (as defined in that document) has occurred and is continuing.