Loan Disbursement(s) definition
Examples of Loan Disbursement(s) in a sentence
If Borrower requires Subsequent Loan Disbursements select the applicable Subsequent Loan Disbursement method (i.e. wire transfer directly to a title/escrow company or deposit into the Deposit Account.
All Loan Disbursements shall be used by the Borrower for the specific Purpose stated herein, subject to the requirements of the Lender as set forth herein and in each of the other Loan Documents.
If Lender chooses not to deposit any Loan Disbursements with the Title Company, advances shall be made at the principal office of Lender or at such other place as Lender may from time to time designate.
All Revolving Loan Disbursements shall be an amount no less than $200,000.
The Lenders may decline to approve any or all such Loan Disbursements Requests for any reason, in their sole and absolute discretion.
Lender shall not be required to make any further Loan Disbursements under this Agreement in the event that and following such time as the Purchase Agreement is terminated in accordance with Section 8 thereof.
The Borrower may submit to Borrower written requests for additional Loan Disbursements from time after the date hereof, but in no event later than March 1, 2011 (each, a “Loan Disbursement Request”).
In the event that Lender shall fail to provide Loan Disbursements pursuant to this Agreement upon request by the Company as required by Section 4 hereof, then the Company shall have right to terminate this Agreement and the Purchase Agreement, and all rights obligations of the parties under this Agreement and the Purchase Agreement shall terminate and be without further effect.
Holder shall record on the Schedule of Loan Disbursements attached hereto and made a part hereof appropriate notations to evidence the date and amount of each advance made by it to the Company.
The right of Borrower to draw funds and the obligation of Lender to advance funds shall not accrue until all of the conditions set forth in Section 4 Conditions to Loan Disbursements have been fully satisfied, and shall terminate: (i) upon occurrence of an Event of Default or (ii) upon maturity of the Promissory Note, unless the Promissory Note is renewed or extended by Lender in which case such termination shall occur upon the maturity of the final renewal or extension of the Promissory Note.