CLOSING AND DISBURSEMENT OF FUNDS Sample Clauses

CLOSING AND DISBURSEMENT OF FUNDS. The Fund intends to make the offering on the condition that a minimum of 250,000 BACs ($2,500,000) shall have been accepted by the General Partner by the applicable Termination Date. Until subscriptions for at least 250,000 BACs in any series are received, no Subscriber will be recognized as a BAC Holder and subscriptions will be deposited with the Escrow Agent. New Mexico Subscriber's subscriptions shall not be released until subscriptions for at least 700,000 BACs in any series are received. The underwriter or an officer, director, or affiliate of the issuer may purchase BACs in order to meet the minimum investment requirement, and those persons shall purchase BACs on the same terms as unaffiliated public investors. Any such purchase shall not be included in the calculation of promotional shares subject to escrow. If $2,500,000 (250,000 BACs) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the applicable Termination Date, and upon written notice from, and instructions by, the General Partner, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest on the fifth business day after the later of the applicable Termination Date or receipt of the instructions from the General Partner. If at least $2,500,000 of Subscription Payments have been collected and are then held in cleared funds in the possession of the Escrow Agent by the applicable Termination Date, then upon written notice from, and instruction by, the General Partner, the Escrow Agent shall pay to the Fund all funds then held in the Series Escrow Account including interest earned thereon prior to the Termination Date without deduction for expenses, including fees of the Escrow Agent. The Fund shall determine the amount of interest due to each Subscriber and within 75 days after the end of the fiscal quarter following a Closing Date shall itself pay such interest to Subscribers. Subsequent to but not including such Termination Date, any interest earned will be paid to the Fund. A subscriber will be entitled to the amount of interest earned on his subscription proceeds starting from the day after such proceeds were deposited in the Series Escrow Account until but not including the Closing Date. The Escrow Agent shall notify directors of state securities divisions, as directed by the General Partner, upon the release from escrow of the Subscription Payments. Subscriptions for BACs will be a...
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CLOSING AND DISBURSEMENT OF FUNDS. As soon as the Applicant has satisfied the conditions to Closing (as provided for below), the Closing shall be considered to have occurred. The Applicant may then request disbursements of the Grant (each, a “Disbursement”) as follows:
Sample 1
CLOSING AND DISBURSEMENT OF FUNDS. The REIT intends to make the offering on the condition that a minimum of 250,000 shares ($2,500,000) (exclusive of any subscriptions received from New Mexico and Pennsylvania residents) shall have been accepted by the Advisor by the Termination Date. Until subscriptions for at least 250,000 shares (exclusive of any subscriptions received from New Mexico and Pennsylvania residents) are received, no Subscriber will be recognized as an investor and subscriptions will be deposited with the Escrow Agent. Once subscriptions for at least 250,000 shares (exclusive of any subscriptions received from New Mexico and Pennsylvania residents) have been released from escrow, additional subscriptions will be deposited with the Escrow Agent and such funds will be released upon written notice from, and instruction by, the Advisor. If $2,500,000 (250,000 shares) (exclusive of any subscriptions received from New Mexico and Pennsylvania residents) of Subscription Payments have not been collected and are not then held in cleared funds in the possession of the Escrow Agent on the Termination Date, and upon written notice from, and instructions by, the Advisor, the Escrow Agent shall return to the Subscribers the Subscription Payments with interest, earned at prevailing market rates, on the fifth business day after the later of the Termination Date or receipt of the instructions from the Advisor. Notwithstanding the foregoing, all Subscription Payments received from New Mexico and Pennsylvania Subscribers shall be retained by the Escrow Agent, and no Subscriber from such states shall be recognized as an investor, until the earlier of (i) 120 days after the commencement of the offering (the "Initial Escrow Period") or (ii) such time as a total of $31,500,000 (with respect to Subscription Payments received from New Mexico Subscribers) and $50,000,000 (with respect to Subscription Payments received from Pennsylvania Subscribers) has been deposited into the Escrow Account by Subscribers residing in all states. If at the end of the Initial Escrow Period the minimum Subscription Payments set forth above for Pennsylvania have not been satisfied, the Escrow Agent shall promptly notify the REIT of such fact, and the REIT shall thereafter send to each Pennsylvania Subscriber by certified mail within ten (10) calendar days after the end of the Initial Escrow Period a notification in the form of EXHIBIT A. If, pursuant to such notification, a Pennsylvania Subscriber requests the return of hi...
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Related to CLOSING AND DISBURSEMENT OF FUNDS

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

  • Costs and Disbursements (a) Except as otherwise provided in this Agreement, a Recipient of Services shall pay to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting a “Service Charge” and, collectively, “Service Charges”) as listed on the Schedules hereto.

  • Accounts and Disbursements The Custodian shall establish and maintain a separate account for each Portfolio and shall credit to the separate account all moneys received by it or a Sub-Custodian for the account of such Portfolio and shall disburse, or cause a Sub-Custodian to disburse, the same only:

  • Deposit and Disbursement Accounts Disclosure Schedule (3.19) lists all banks and other financial institutions at which any Credit Party maintains deposit or other accounts as of the Closing Date, including any Disbursement Accounts, and such Schedule correctly identifies the name, address and telephone number of each depository, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor.

  • Payment of Funds No federal appropriated funds have been paid or will be paid by or on behalf of the parties to any person for influencing or attempting to influence an officer or employee of any federal agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with the awarding of any federal contract, the making of any federal grant, the making of any federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any federal contract, grant, loan, or cooperative agreement.

  • Closing and Escrow a. Upon mutual execution of this Agreement, the parties hereto shall deposit an executed counterpart of this Agreement with Title Company and this Agreement shall serve as instructions to Title Company for consummation of the purchase and sale contemplated hereby. Seller and Purchaser agree to execute such additional escrow instructions as may be appropriate to enable the escrow holder to comply with the terms of this Agreement; provided, however, that in the event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control.

  • Escrow of Funds Subject to the terms and conditions of the Grant Agreement, OPWC will disburse to Escrow Agent Grant funds available to Recipient, which disbursement shall be made by a check sent to Escrow Agent via regular U.S. Mail, or by such other means determined by the Director in the Director’s sole discretion, prior to the closing date as scheduled under the Contract (the “Escrow Funds”). The Escrow Funds shall be held by Escrow Agent, together with any funds of Recipient made available prior to closing on the terms and conditions hereinafter set forth.

  • Closing Conditions of Closing and Borrowing 50 SECTION 6.1 Closing....................................................................... 50 SECTION 6.2 Conditions to Closing and Initial Extensions of Credit........................ 50 SECTION 6.3 Conditions to All Extensions of Credit........................................ 55

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