Common use of First Disbursement Clause in Contracts

First Disbursement. If a Performance Report indicates that the Company has made or caused to be made and retained Capital Investments of at least $___________, and has created and Maintained at least ___ New Jobs [OR, INDICATE OTHER MILESTONES, SUCH AS A CERTIFICATE OF OCCUPANCY], the Company will qualify for a disbursement of $__________ of the COF Grant proceeds. Then, within 30 days of the verification of that Performance Report by the Locality and VEDP, VEDP will disburse $_______ of the COF Grant proceeds to the Locality (the “First Disbursement”). Within 30 days of its receipt of such COF Grant proceeds, the Locality will disburse such COF Grant proceeds to the Authority. Within 30 days of its receipt of such COF Grant proceeds, the Authority will disburse such COF Grant proceeds to the Company.