Common use of First Disbursement Clause in Contracts

First Disbursement. The obligation of EBRD to make the first Disbursement under the Loan shall be subject to the prior fulfilment, in form and substance satisfactory to EBRD, or at the sole discretion of EBRD the waiver, whether in whole or part and whether subject to conditions or unconditional, of the following conditions precedent (including, at EBRD’s sole discretion, certified English translations of documents executed in languages other than the English language):

First Disbursement. The obligation of EBRD to make the first Disbursement under the Loan shall be subject to the prior fulfilment, in form and substance satisfactory to EBRD, or at the sole discretion of EBRD the waiver, whether in whole or part and whether subject to conditions or unconditional, of the following conditions precedent (including, at EBRD’s sole discretion, certified English translations of documents executed in languages other than the English language):