Common use of The Disbursements Clause in Contracts

The Disbursements. The State Entity agrees, on the terms and subject to the conditions set forth herein, to make Disbursements from the Program Grant to the Public Entity from time to time in an aggregate total amount not to exceed the amount of the Program Grant. If the amount of Program Grant that the State Entity cumulatively disburses hereunder to the Public Entity is less than the amount of the Program Grant delineated in Section 1.01, then the State Entity and the Public Entity shall enter into and execute whatever documents the State Entity may request in order to amend or modify this Agreement to reduce the amount of the Program Grant to the amount actually disbursed. Provided, however, in accordance with the provisions contained in Section 2.11, the State Entity’s obligation to make Disbursements shall terminate as of the dates specified in such Section even if the entire Program Grant has not been disbursed by such dates. Disbursements shall only be for expenses that (i) are for those items of a capital nature for the Project, (ii) accrued no earlier than the effective date of the legislation that appropriated the funds that are used to fund the Program Grant, or (iii) have otherwise been consented to, in writing, by the State Entity and the Commissioner of MMB. It is the intent of the parties hereto that the rate of Disbursements shall not exceed the rate of completion of the Project or the rate of disbursement of the matching funds required, if any, under Section 7.23. Therefore, the cumulative amount of all Disbursements by the State Entity at any point in time shall not exceed the portion of the Project that has been completed and the percentage of the matching funds required, if any, under Section 7.23 that have been disbursed as of such point in time. This requirement is expressed by way of the following two formulas: Formula #1 Cumulative Disbursements < (Program Grant) × (percentage of matching funds, if any, required under Section 7.23 that have been disbursed) Formula #2 Cumulative Disbursements < (Program Grant) × (percentage of Project completed)

The Disbursements. The State Entity agrees(a) Subject to the provisions of this Agreement, on and also subject to the terms and subject conditions of the other Loan Documents, the Lender shall make and the Borrower shall accept the Loan in periodic Disbursements not exceeding, in the aggregate, the Loan Amount (except for additional Disbursements which the Lender shall have the right to make at its option pursuant to the conditions set forth herein, to make Disbursements from the Program Grant to the Public Entity from time to time in an aggregate total amount not to exceed the amount of the Program Grant. If the amount of Program Grant that the State Entity cumulatively disburses hereunder to the Public Entity is less than the amount of the Program Grant delineated in Section 1.01, then the State Entity and the Public Entity shall enter into and execute whatever documents the State Entity may request in order to amend or modify this Agreement to reduce the amount of the Program Grant to the amount actually disbursed. Provided, however, in accordance with the provisions contained in Section 2.11, the State Entity’s obligation to make Disbursements shall terminate as of the dates specified in such Section even if the entire Program Grant has not been disbursed by such datesMortgage). Disbursements shall only be for expenses that made from Loan Proceeds. The first disbursement, to be made upon the Loan Closing, shall be in an amount equal to (i) are for those items of a capital nature for the ProjectDraw A, (ii) accrued no earlier than the effective date such other costs and expenses of the legislation that appropriated the funds that are used to fund the Program GrantLoan Closing, or as approved by Lender in its sole and absolute discretion, and (iii) have otherwise been consented such other costs and expenses in accordance with Section 6.1(b) below (the "Initial Disbursement"). All Disbursements following the Initial Disbursement are hereinafter called "Subsequent Disbursements". (b) After an Event of Default, Borrower hereby requests and authorizes Lender to make Disbursements directly to itself for payment and reimbursement of all interest, charges, costs and expenses incurred by Lender in connection with the Loan, pursuant to this Agreement or other Loan Documents, including, but not limited to, (i) interest due on the Loan and any points, loan fees, service charges, commitment fees, or other fees due to Lender in writingconnection with the Loan; (ii) all title examination, survey, escrow, filing, search, recording and registration fees and charges; (iii) all documentary stamp and other taxes and charges imposed by law on the State Entity and the Commissioner issuance or recording of MMB. It is the intent any of the parties hereto that Loan Documents; (iv) all appraisal fees; (v) all title, casualty liability, payment, performance or other insurance or bond premiums; (vi) all fees and disbursements for legal services including, without limitation, in-house attorney's costs and fees, and outside counsel engaged in connection with the rate preparation, negotiation, enforcement or administration of Disbursements shall not exceed the rate of completion this Agreement or any of the Project or the rate of disbursement of the matching funds required, if any, Loan Documents; and (vii) any amounts required to be paid by Borrower under Section 7.23. Thereforethis Agreement, the cumulative amount Mortgage or any Loan Document after the occurrence of a Default (all of which are herein referred to as "Loan Expenses"). (c) Except for the Initial Disbursement, which shall be made at the Loan Opening, Lender shall make each Disbursement within fifteen (15) business days following receipt of all Disbursements information required by Lender for the State Entity at any point in time shall not exceed the portion of the Project that has been completed and the percentage of the matching funds required, if any, under Section 7.23 that have been disbursed as funding of such point in time. This requirement is expressed by way of the following two formulas: Formula #1 Cumulative Disbursements < (Program Grant) × (percentage of matching funds, if any, required under Section 7.23 that have been disbursed) Formula #2 Cumulative Disbursements < (Program Grant) × (percentage of Project completed)Disbursement.