a. The Note intends the “Disbursement Date” as the date initial loan funds are disbursed by the lender. We do not peg the date interest begins accruing to the Document Date of the Note; the Document Date of our Note (and other references to the Document Date in the package) is simply a reference date for the document and is not tied to interest accrual.
b. For example, the intent is that “Disbursement” refers to Lender’s disbursement to [Closing Agent/Title/Attorney] and not [Closing Agent/Title/Attorney] disbursement to the borrower. We understand that sometimes those dates may vary. For example, if the Lender disburses late on a Friday, those funds may not actually be disbursed to the borrower until Monday. The definition of Disbursement date (i.e., "The date of the initial disbursement by Lender of Loan proceeds hereunder") covers the Lender in that scenario.