Disbursement
An accounting and financial term used to describe the actual payout or drawdown of cash under a loan agreement (i.e. buyer credit). Most projects or capital goods contracts of any size provide for exporters to receive payments while their construction or production is in progress (these are called progress payments). These payments are usually made according to an agreed Disbursement Schedule and on the basis of qualifying certificates of some kind, showing that the work has been completed satisfactorily.