Conditions to Disbursement Sample Clauses
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Conditions to Disbursement. Lender may require any or all of the following at the expense of Borrower as a condition to disbursement of funds from the Replacement Reserve Account or the Repairs Escrow Account (provided that for any Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements and Additional Lender Repairs, Lender shall have approved the use of the Reserve/Escrow Account Funds for such replacements or repairs pursuant to the terms of Section 13.02(a)(9)):
(A) an inspection by Lender of the Mortgaged Property and the applicable Replacement or Repair;
(B) an inspection or certificate of completion by an appropriate independent qualified professional (such as an architect, engineer or property inspector, depending on the nature of the Repair or Replacement) selected by Lender;
(C) either:
(i) a search of title to the Mortgaged Property effective to the date of disbursement; or
(ii) a “date-down” endorsement to Lender’s Title Policy extending the effective date of such policy to the date of disbursement, and showing no Liens other than Permitted Encumbrances (or liens which Borrower is diligently contesting in good faith that have been bonded off to the satisfaction of Lender); and
(D) an acknowledgement of payment, waiver of claims and release of lien for work performed and materials supplied from each contractor, subcontractor or materialman in accordance with the requirements of applicable law and covering all work performed and materials supplied (including equipment and fixtures) for the Mortgaged Property by that contractor, subcontractor or materialman through the date covered by the disbursement request (or, in the event that payment to such contractor, subcontractor or materialman is to be made by a joint check, the release of lien shall be effective through the date covered by the previous disbursement).
Conditions to Disbursement. The obligation of Lender to disburse the proceeds of the Loan shall be subject to satisfaction of each of the following conditions precedent on or before the Closing Date (unless another date is specifically referenced below):
Conditions to Disbursement. Borrower agrees to perform and satisfy all conditions precedent to the disbursement of the Loan set forth in the Application/Commitment, including those set forth in Sections 2.4 (Third Party Reports) and 3 (The Closing) thereof.
Conditions to Disbursement. Each disbursement of Grant proceeds is subject to the following conditions:
(a) No Event of Default shall have occurred and be continuing, and no event shall have occurred that, with the giving of notice or passage of time or both, would become an Event of Default;
(b) Each of Recipient’s representations and warranties set forth in Article 2 shall be true and correct in all material respects as if made on and as of the date of such disbursement; and
(c) Grantor has received sufficient funding, appropriations, and other expenditure authorizations to allow Grantor, in the reasonable exercise of its administrative discretion, to make the disbursement and there are sufficient moneys in the accounts or funds to be used to cover the disbursement, as determined by Grantor in the reasonable exercise of its administrative discretion, to permit Grantor to make the disbursement; and
(d) Grantor has received from Recipient an executed Form W-9 and such other documentation as Grantor may require to enable disbursement under this Agreement;
(e) Recipient has received, and will make available to Grantor upon request, a certificate of insurance or other documentation evidencing the insurance required by Section 3.8, issued by an insurance company licensed to provide such insurance in the State of Oregon and otherwise reasonably acceptable to Grantor; and
(f) Grantor has received the disbursement request no later than 90 days after the earlier of completion of the Project or the Project Completion Deadline.
Conditions to Disbursement. The Disbursement Agent shall disburse funds from the Accounts only upon satisfaction of the applicable conditions to disbursement set forth herein.
Conditions to Disbursement. The initial disbursement of the Loan shall be made after the Director has received and satisfactorily reviewed the following:
(a) This Agreement, duly executed by the Borrower and Director;
(b) Evidence of the Required Cost Share Amount proportionate to the
(c) Certification by the Borrower that its representations and warranties made in the Loan Documents remain true, accurate and complete and no default or event which, by notice, the passage of time or otherwise, would constitute a default, exists under the Loan Documents;
(d) all other Loan Documents;
(e) The Borrower’s Certificate of Good Standing issued by the Secretary of State of the State of Ohio, dated within 10 days prior to the disbursement;
(f) Certified copy of the resolutions of the governing board of the Borrower authorizing execution and delivery of all documents with respect to the Loan;
(g) Certificate of incumbency as to the Borrower;
(h) A copy, certified by the Borrower to be true, correct and complete, of the Governing Instruments of the Borrower and the Fund;
(i) An opinion of the Borrower’s legal counsel, which sets forth the items listed in Schedule 2 attached hereto;
(j) Evidence that no litigation or proceedings are pending or threatened which could or might cause a material adverse change with respect to the Borrower;
(k) Current annual financial statements of ▇▇▇▇▇▇▇▇; and
(l) Such other certifications, documents or opinions as the Director may reasonably require.
Conditions to Disbursement. DAS has no obligation to disburse any of the Grant unless all of the following conditions are met on the date of disbursement:
(1) There is no Default or Event of Default.
(2) The representations and warranties made by Grantee in this Agreement are true and correct as if made on such date.
(3) The Bonds have been issued by the State.
(4) DAS, in the reasonable exercise of its administrative discretion, has sufficient funding, appropriations, limitations, allotments, allocation and other expenditure authority to authorize the disbursement.
(5) DAS (a) has received a completed Reimbursement Request from Grantee, (b) has received any written evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as DAS may require, (c) is satisfied that all items listed in the Reimbursement Request are reasonable and that the costs for labor and materials were incurred and are properly included in the Project Costs, and (d) has determined that the disbursement is only for costs defined as eligible Project Costs.
(6) DAS has received the following items in form and substance satisfactory to DAS:
a. This Agreement duly signed by an authorized officer of Grantee.
b. Such other certificates, documents, opinions and information as DAS may reasonably require.
(7) Any conditions to disbursement elsewhere in this Agreement or in the other financing documents for this Project are met.
Conditions to Disbursement. Each Lender’s obligation to make the disbursement of the principal sums set forth on Annex I hereto on the date hereof is subject to the condition precedent that such Lender shall have received, in form and substance satisfactory to such Lender, such documents, and the completion of such other matters, as such Lender may reasonably deem necessary or appropriate, including, without limitation:
(a) this Note duly executed; and
(b) the Operating Documents and a good standing certificate of each Borrower certified by the Secretary of State of the State of Delaware as of a date no earlier than thirty (30) Business Days prior to the date hereof, together with duly authorized resolutions of the board of directors for each Borrower in form and substance acceptable to each Lender in its sole discretion.
Conditions to Disbursement. (a) The obligation of the Lender to make the first disbursement of the Loan shall be subject to the prior or contemporaneous satisfaction of each of the following conditions:
Conditions to Disbursement. 10 3.2 Conditions for the Benefit of the Lender............................................................. 11 ARTICLE 4