Subsequent Disbursements. Subject to the satisfaction of the conditions set forth in Section 4.1, Section 4.2 and this Section 2.2(b) and in reliance on the representations and warranties in the Loan Documents, to the extent the Borrower provides a written notice to the Agent and each Lender in form and substance reasonably satisfactory to Agent and each such Lender from an Authorized Officer of the Borrower (and with such written notice certifying that all such aforementioned conditions in this Section 2.2(b) are satisfied and with such written notice being in form and substance reasonably satisfactory to Agent and each such Lender) requesting each Lender holding a Subsequent Disbursement Commitment to fund its Pro Rata Subsequent Disbursement Share of the Subsequent Disbursement at least fifteen (15) Business Days in advance of the proposed date of the funding of such Subsequent Disbursement amount by such Lender (or such shorter period agreed to by all such Lenders in their sole discretion) with the proposed date of funding being required to be a Business Day, from the Business Day after the Agreement Date until (but not including) January 5, 2020 (or such earlier date set forth in the proviso of the first sentence of Section 2.3(a) or caused by the Facility Termination Date occurring or any earlier date of termination based on remedies available upon (or at the time of) the occurrence of an Event of Default) (such end date of the Subsequent Disbursement Commitment, the “Remaining Subsequent Disbursement Commitment Termination Date”), each Lender holding a Subsequent Disbursement Commitment severally but not jointly agrees to lend to the Borrower on the proposed date of funding, up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Subsequent Disbursement Commitment;” provided that each request for any such Disbursement or Loan shall be in an amount not less than $10,000,000. Following receipt of such written notice from Borrower pursuant to the above terms in this Section 2.2(b), each Lender holding a Subsequent Disbursement Commitment shall make its Pro Rata Subsequent Disbursement Share of such Subsequent Disbursement requested by the Borrower pursuant to such written notice available to the Borrower on the proposed date of funding of such Subsequent Disbursement covered by such written notice to the extent such Lender has received prior reasonably satisfactory evidence that the conditions set forth in Section 4.1, Section 4.2 and this...
Subsequent Disbursements. To the extent of funds made available by or received from the Sponsor, the Custodian shall make any disbursements that are scheduled and due after the initial disbursement on a Purchased Eligible Loan (each, a “Subsequent Disbursement”), and shall issue to the Sponsor the related Participation Interests in such Subsequent Disbursements. The Sponsor shall provide to or at the direction of the Custodian the funds necessary to make any such Subsequent Disbursements, and the Sponsor, if requested by the Custodian, hereby agrees make such disbursements directly to the applicable educational institution as the delegee of the Custodian. The Sponsor shall sell to the Department Class A Participation Interests in the Purchased Eligible Loan with respect to the initial disbursement and such Subsequent Disbursements. Consistent with the terms of Section 4, the Department shall only purchase a Class A Participation Interest in any Subsequent Disbursement of a Purchased Eligible Loan, if such Subsequent Disbursement shall have been made by the Custodian or the Sponsor pursuant to the terms of this Section 7 prior to the related Purchase Date, and notice thereof shall have been provided to the Department.
Subsequent Disbursements. In order to carry out the subsequent Disbursements besides the payment of the fees and expenses payable to such date to the Banks pursuant to this Agreement, the Borrower or the Joint Obligors must deliver to the Administrative Agent the following documents and information, and the following assumptions must have been fulfilled:
Subsequent Disbursements. 5.2.1 Prior to making any Advances after the Initial Disbursement, except for the final Advance, the following additional conditions shall have been satisfied, as determined by Bank:
Subsequent Disbursements. Upon Borrower’s review, due diligence, and approval of investment candidates in accordance with Exhibits I, II, III, and V, Borrower shall submit a disbursement request (each a “Disbursement Request”) to Director in a form and substance reasonably acceptable to the Director. Within ten (10) days of receipt of the Disbursement Request from Borrower, Director shall review the disbursement request to ensure that the proposed disbursement is to an Ohio company, is in the agreed-upon stage of development, is in a qualifying technology sector, is receiving matching funds at the agreed upon cost-share ratio outlined in Exhibit I, and if the aforementioned criteria are satisfied, subject to the last sentence of Section 2.1, Director will approve the request. Upon approval of the Disbursement Request, Loan Funds will be transferred to the Borrower. If Due Diligence and Enhanced Management Fees were included in the proposed budget in Exhibit V, Borrower may request a disbursement of Loan Funds for the budgeted Due Diligence and Enhanced Management Fees. Such requests shall be supported by documentation reasonably acceptable to the Director demonstrating the basis for the requested disbursement.
Subsequent Disbursements. Prior to requesting subsequent disbursements under the Loan, (subsequent to the first disbursement) the Borrower shall execute and deliver to the Lender all of the following items, in form and substance satisfactory to the Lender. The Lender shall have no further obligation to make further disbursements until all such items have been properly executed and delivered to the Lender.
Subsequent Disbursements. Subsequent disbursements of Grant funds shall be released upon receipt of a completed Request for Disbursement Form, a status report pursuant to Section 7128(a) of the Regulations, an Actual Expenditures Report Form, and any other information required by Sections 7125 and 7128 of the Regulations, satisfactory to the Authority.
Subsequent Disbursements. Subsequent disbursements of Grant funds shall be released in six (6) month intervals upon receipt of a completed Projected Expenditures Form, any status reports that may be due pursuant to Section 7128(a) of the Regulations, satisfactory to the Authority, and the Authority’s receipt of any Actual Expenditures Forms that may be due, and any additional information as described in Section 7125(b) of the Regulations, satisfactory to the Authority.
Subsequent Disbursements. Subject to the conditions set forth in Section 3.4, the proceeds of the Loan and Borrower’s Funds not disbursed pursuant to Section 3.1 shall be disbursed in accordance with the terms and conditions of Exhibit D. Disbursements made after the deposit of Borrower’s Funds shall be made first from the Borrower’s Funds Account until depleted and no proceeds of the Loan shall be disbursed by Lender until the amount of Borrower’s Retained Funds is reduced to $0. All disbursements shall be held by Borrower in trust and applied by Borrower solely for the purposes for which the funds have been disbursed. Lender has no obligation to monitor or determine Borrower’s use or application of the disbursements.
Subsequent Disbursements. Subject to the limitations contained in Sections 3.6 hereof, the balance of the Loan Proceeds not disbursed at Closing, i.e., the available Construction Loan portion of the Loan, shall be retained by the Bank and shall be disbursed over the term of the Construction Loan to fund Construction Costs as and when incurred by the Obligors.
