Disbursement Clause Samples
The Disbursement clause outlines the process and conditions under which funds or payments are released from one party to another under an agreement. Typically, it specifies the timing, method, and documentation required for payments, such as invoices, milestones, or deliverables that must be met before money is transferred. This clause ensures that both parties have a clear understanding of when and how payments will occur, reducing the risk of disputes and providing financial predictability throughout the contractual relationship.
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Disbursement. (a) Each Loan shall be made by the relevant Lender from such Lender’s branch or affiliate identified as its Applicable Lending Office.
(b) The failure of any Lender to make any Loan to be made by it on the Borrowing Date therefor shall not relieve any other Lender of its obligation to make its Loan or Loans on such date, but neither any Lender nor the Administrative Agent shall be responsible for the failure of any other Lender to make a Loan to be made by such other Lender.
(c) The Administrative Agent may, but shall not be required to, advance on behalf of any Lender the amount of such Lender’s Loan to be made on a Borrowing Date, unless such Lender shall have notified the Administrative Agent prior to such Borrowing Date that it does not intend to make such Loan on such date. If the Administrative Agent makes any such advance, the Administrative Agent shall be entitled to recover the amount so advanced on demand from the Lender on whose behalf such advance was made and, if such Lender does not pay the Administrative Agent the amount of such advance on demand, the Borrower agrees promptly to repay such amount to the Administrative Agent. Until such amount is repaid to the Administrative Agent by such Lender or the Borrower, such advance shall be deemed for all purposes to be a Loan made on such Borrowing Date by the Administrative Agent. The Administrative Agent shall be entitled to recover from the Lender or the Borrower, as the case may be, interest on the amount advanced by it for each day from the Borrowing Date therefor until repaid to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate until the third Business Day after the date of the advance and, thereafter, at the rate per annum equal to the relevant rate on Loans made on the relevant Borrowing Date.
Disbursement. Upon execution hereof, Bank shall disburse the proceeds of the Loan as provided in Bank's standard form Authorization executed by Borrower.
Disbursement. 7.1.1 Subject to the availability of sufficient moneys in and from the Funding Source based on Agency’s reasonable projections of moneys accruing to the Funding Source, Agency will disburse Grant Funds to Grantee for the allowable Project activities described in Exhibit A that are undertaken during the Performance Period.
7.1.2 Grantee must provide to Agency any information or detail regarding the expenditure of Grant Funds required under Exhibit A prior to disbursement or as Agency may request.
7.1.3 Agency will only disburse Grant Funds to Grantee for activities completed or materials produced, that, if required by Exhibit A, are approved by Agency. If Agency determines any completed Project activities or materials produced are not acceptable and any deficiencies are the responsibility of Grantee, Agency will prepare a detailed written description of the deficiencies within 15 days of receipt of the materials or performance of the activity, and will deliver such notice to Grantee. Grantee must correct any deficiencies at no additional cost to Agency within 15 days. Grantee may resubmit a request for disbursement that includes evidence satisfactory to Agency demonstrating
Disbursement. Lender shall disburse the proceeds of each Loan by wire transfer to Borrower at the account specified in the Funding Certificate for the Loan.
Disbursement. The Bank shall, unless otherwise agreed between the Borrower and the Bank, disburse the Loan in lump sum or in suitable insta llments to be decided by the Bank by issuing a Banker's Payment Order or a Demand Draft crossed as "A/c Payee only" -in the name of the Supplier more particularly described in the schedule and secure a receipt in the Bank's name; or -in the name of the previous financier towards the repayment of the previous Loan to be taken over by utilizing this Loan.
4.1 It is understood that the charges in relation to the disbursement (including charges for issuance or for the collection of pr oceeds by the beneficiary on such payment order or demand draft) shall be borne by the Borrower.
4.2 The Bank may not disburse at any time, any amount under the Loan unless the following conditions are complied with in the sol e discretion of the Bank:
a) The Loan Agreement is duly executed and delivered to the Bank by the Borrower;
b) The Borrower's submission to the Bank, post dated cheques towards repayment installments;
c) Any other document or writing as the Bank may require in its sole discretion; and
d) Submission of all the necessary approvals and permission from the appropriate authorities.
4.3 The Bank may not, having disbursed any amount, disburse any further amount under the Loan unless thefollowing conditions are complied with in the sole discretion of the Bank before such further disbursement:
a) No event of default shall have occurred;
b) The Borrower shall have produced all or any other documents or writings as required by the Bank in its sole discretion, which shall be binding on the Borrower.
4.4 The Borrower shall repay to the Bank the amount equated in terms of monthly installments as mentioned in the schedule as shal l remain due and owing to the Bank regardless of whether the said Vehicle is in a working condition or requires any repair or other wise not operational and the Bank shall not be liable or responsible in any manner for the repair or non-performance of the said Vehicle. The EMI includes the interest component.
4.5 Interest Tax and other taxes/levies as may be applicable from time to time on the Loan shall be borne solely by the Borrower.
4.6 The Bank shall be entitled to debit all other amounts due and payable by the Borrower under this Agreement (including but not limited to interest tax, fees, stamp duty, processing fee, login fees, costs, service and other charges, claims and expenses including expenses which may be incu...
Disbursement. 7.1.1 Subject to the availability of sufficient moneys in and from the Funding Source based on Agency’s reasonable projections of moneys accruing to the Funding Source, Agency will disburse Grant Funds to Grantee for the allowable Project activities described in Exhibit A that are undertaken during the Performance Period.
7.1.2 Grantee must provide to Agency any information or detail regarding the expenditure of Grant Funds required under Exhibit A prior to disbursement or as Agency may request.
7.1.3 Grantee may use the Grant Funds for indirect or administrative costs up to the amount allowed by OAR 581-014-0004 (currently the lesser of five percent of Grantee’s total expenditures or $500,000 per annum). The rates described in OAR 581-014-0004 control over any other verbal or written rate(s) provided by Agency, including in any notice of award provided by Agency’s Electronic Grants Management System (“EGMS”).
Disbursement. In accordance with this Compact and the Program Implementation Agreement, MCC will disburse MCC Funding for expenditures incurred in furtherance of the Program (each instance, a “Disbursement”). Subject to the satisfaction of all applicable conditions precedent, the proceeds of Disbursements will be made available to the Government, at MCC’s sole election, by (a) deposit to one or more bank accounts established by the Government and acceptable to MCC (each, a “Permitted Account”) or (b) direct payment to the relevant provider of goods, works or services for the implementation of the Program. MCC Funding may be expended only for Program expenditures.
Disbursement. Upon fulfillment of the applicable conditions set forth in Article IV, the Lender shall disburse the proceeds of the requested Advance by crediting the same to the Borrower’s demand deposit account maintained with the Lender unless the Lender and the Borrower shall agree in writing to another manner of disbursement.
Disbursement. The Escrow Agent shall hold (a) the Initial Shares until the date that is twelve (12) months after the date of consummation of a Business Combination by the Company, of which the Escrow Agent shall be notified in writing, (the “Initial Shares Escrow Period”), on which date the Escrow Agent shall, upon written instructions from the Company or counsel to the Company (provided that the Company has identified such counsel in writing prior to such event), disburse the Initial Shares to the Sponsor or its permitted transferees and (b) the Sponsor Units until the date of consummation of a Business Combination by the Company, of which the Escrow Agent shall be notified in writing, (the “Sponsor Units Escrow Period”), on which date the Escrow Agent shall, upon written instructions from the Company or counsel to the Company (provided that the Company has identified such counsel in writing prior to such event), disburse the Sponsor Units to the Sponsor or its permitted transferees; provided, however, that if the Escrow Agent is notified in writing by the Company pursuant to Section 6.7 hereof, that the Company is being liquidated at any time during either the Initial Shares Escrow Period or the Sponsor Units Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Securities; provided further, that if, after the Company consummates a Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate not less than two (2) business days prior to the consummation of such transaction, executed by the Chief Executive Officer or Chief Financial Officer of the Company, in form reasonably acceptable to the Escrow Agent (a “Confirmation Notice”), certifying that such transaction is then being consummated, release the Escrow Securities to the Sponsor upon consummation of the transaction so that it can similarly participate. The Escrow Agent will act as soon as reasonably possible following receipt of the Confirmation Notice, but no later than two (2) business days after receipt of the Confirmation Notice. If the Escrow Agent performs in accordance with the provisions of the...
Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by the Company and the Company has executed and delivered to each of the Purchasers this Agreement and any other related documents in form and substance reasonably satisfactory to the Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated Note Amount set forth on each Purchaser’s respective signature page hereto to the Company in exchange for (i) Purchasers that qualify as QIBs, an electronic securities entitlement through the facilities of DTC in accordance with the Applicable Procedures with a principal amount equal to such Subordinated Note Amount, or (ii) Purchasers that do not qualify as QIBs, a Subordinated Note with a principal amount equal to such Subordinated Note Amount ((i) and (ii) collectively, the “Disbursement”). The Company will deliver (A) to the Trustee a global certificate representing the Subordinated Notes issued to Purchasers who are QIBs (the “Global Note”) registered in the name of Cede & Co., as nominee for DTC, (B) to each applicable Purchaser of Subordinated Notes not represented by the Global Note, such Purchaser’s Subordinated Note in definitive form (or evidence of the same electronically with the original to be delivered by the Company by overnight delivery on the next Business Day in accordance with the delivery instructions of the Purchaser), and (C) to the Trustee, a list of Purchasers receiving the Subordinated Notes in the Disbursement with clause (B) above.