Initial Disbursements Clause Samples
The Initial Disbursements clause defines the terms and conditions under which the first payments or funds are released under an agreement, typically at the outset of a project or loan. It usually specifies the amount to be disbursed, the timing, and any prerequisites such as documentation or approvals that must be satisfied before the funds are released. This clause ensures that both parties understand when and how the initial funds will be provided, thereby facilitating the commencement of the underlying transaction or project and reducing uncertainty about the availability of necessary resources.
Initial Disbursements. Initial disbursement of Grant funds shall be released upon the Authority’s receipt of a completed Projected Expenditures Form and other documentation required by Section 7125(a)(2) of the Regulations, satisfactory to the Authority.
Initial Disbursements. Lender shall make initial Disbursements for a Construction Project prior to the commencement of the construction of the Improvements only for fees for permits required to construct the Improvements, Costs of Acquisition of Land and other similar costs reasonably approved by Lender. Such initial Disbursements shall be made upon satisfaction of the conditions in respect of such Construction Project set forth in Section 4 and Section 6(k) through (p) hereof.
Initial Disbursements. Evidence to CIT’s satisfaction that all disbursements of the initial Revolving Loans under this Financing Agreement are being entirely used to pay off deferred financing fees and other costs incurred by the Company in connection with a certain $80 million bridge loan that was provided to the Company by Prencen in 2005 and the refinancing thereof.
Initial Disbursements. Upon satisfaction of the conditions described below in this SECTION 8.1, the Disbursement Agent shall make the disbursements described in the Initial Disbursements Certificate (the "INITIAL DISBURSEMENTS"). The conditions to the Initial Disbursement shall consist of the following:
(a) Disbursement Agent shall have received the Proceeds;
(b) Disbursement Agent shall have received the Initial Disbursements Certificate, and Disbursement Agent shall have received confirmation from the Trustee that it has received the Initial Disbursements Certificate; and
(c) Disbursement Agent shall have received the Closing Certifications from the Company, in the form of EXHIBIT B-1 attached hereto, and the Trustee, in the form of EXHIBIT B-2 attached hereto.