Common use of Subsequent Disbursements Clause in Contracts

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. Upon BorrowerXxxxxxxx’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 located in a underserved community or owned by an underserved population] 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 Services expenses 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 FeesServices expenses. Such requests shall be supported by documentation reasonably acceptable to the Director demonstrating the basis for the requested disbursement.

Subsequent Disbursements. Upon BorrowerXxxxxxxx’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 located in a underserved community or owned by an underserved population] 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 BorrowerBorrower (a “Disbursement”). If Due Diligence and Enhanced Management Fees Services expenses 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 FeesServices expenses. Such requests shall be supported by documentation reasonably acceptable to the Director demonstrating the basis for the requested disbursement. As Services to portfolio companies are a type of equity support Loan Funds may be used to pay for such support up to an annual average of 1.71 percent over the life of the Loan.