Common use of Disbursement Conditions Clause in Contracts

Disbursement Conditions. Each of the following shall be a condition precedent to the disbursement of the Loan or any portion thereof (including from the Construction Fund): (1) With respect to procurement of professional services related to the Project to be paid from Loan proceeds, the Participant shall have complied with applicable State law and SRF Policy Guidelines. (2) With respect to procurement of all other goods and services related to the Project to be paid from Loan proceeds, the Participant shall have complied with I.C. 36-1-12 and SRF Policy Guidelines. (b) No representation, warranty or covenant of the Participant contained in this Agreement or in any paper executed and delivered in connection with the transactions contemplated by this Agreement shall be false or inaccurate in any material respect. (c) The Participant shall undertake and faithfully perform each of its obligations, agreements and covenants contained in this Agreement, the Authorizing Instrument and the Bonds. (d) There shall be available to the Finance Authority uncommitted funds in an amount sufficient to satisfy the Finance Authority’s obligations hereunder from the proceeds of Finance Authority Bonds in the Purchase Account or from other sources that the Finance Authority may, in its sole discretion, designate; provided however, once Loan proceeds have been deposited in the Construction Fund, such condition shall be deemed satisfied. (e) The Participant shall have undertaken all actions necessary to comply with and satisfy the conditions and requirements for a Loan secured with money made available from the Wastewater SRF Fund as set forth in federal and State statutes, rules and regulations, including I.C. 13-18-13, SRF Policy Guidelines, the Clean Water Act and 40 C.F.R. Part 35. (f) Prior to making any Loan disbursement to pay any Construction costs, the Project shall have been approved by the State’s Historical Preservation Officer in a manner consistent with the policies and practices of the Wastewater SRF Program (the “Historical Preservation Approval”). Notwithstanding any provision of this Agreement to the contrary, in the event a Historical Preservation Approval has not been given within four (4) months after the date of this Agreement, the Finance Authority may, in its sole discretion, (i) reduce the aggregate amount of the Loan to the amount then disbursed and outstanding under this Agreement and (ii) if any amounts are held in the Construction Fund, require a Loan Reduction Payment pursuant to Section 2.06 as if it were a date that was three (3) years after the dated date of the Bonds. Upon giving notice to the Participant of such action, no further Loan disbursement (including from the Construction Fund) may be made under this Agreement unless consented to by the Finance Authority. (g) In the event the Bonds are payable from rates and charges of the Treatment Works and if requested by the Finance Authority, the Participant shall provide evidence satisfactory to the Finance Authority demonstrating that such rates and charges are at a level adequate to produce and maintain sufficient net revenue after providing for the proper Operation and Maintenance of the Treatment Works, on a proforma basis consistent with SRF Policy Guidelines, to provide 1.25x coverage on all obligations of the Treatment Works (including the Bonds).

Disbursement Conditions. Each of the following Bank shall not be a condition precedent obligated at any time to the disbursement disburse any proceeds of the Loan or any portion thereof unless the following conditions have been satisfied: (including from i) All Loan Documents required by Bank shall have been delivered to the proper parties and all conditions and requirements set forth therein shall have been and shall continue to be satisfied, including, without limitation, all requirements contained in the Construction Fund): (1) With respect to procurement of professional services related to the Project to be paid from Loan proceeds, the Participant shall have complied with applicable State law and SRF Policy GuidelinesCommitment. (2ii) With respect Borrower has delivered to procurement Bank a final AIA contract with Contractor for the construction of the Improvements including, without limitation, all other goods and services related to the Project to be paid from Loan proceeds, the Participant shall have complied with I.C. 36-1-12 and SRF Policy Guidelinessite work. (biii) No representationdefault or event which, warranty with the giving of notice or covenant lapse of the Participant contained in time or both, would constitute a default under this Agreement or in any paper executed other Loan Document shall have occurred and delivered in connection with the transactions contemplated by this Agreement shall be false or inaccurate in any material respectcontinuing. (civ) The Participant Premises shall undertake not have been damaged unless, in the judgment and faithfully perform each opinion of its obligationsBank, agreements sufficient insurance proceeds shall have been received and covenants contained in this Agreement, satisfactory arrangements shall have been made for the Authorizing Instrument and repair of the Bondssame. (dv) There If required in Bank's title insurance policy or if otherwise required by Bank, Bank shall be available have received an endorsement to such policy advancing the effective date of its coverage to the Finance Authority uncommitted funds date of the disbursement, increasing the amount of coverage to include such disbursement, and indicating no liens, encumbrances, and other matters not previously approved by Bank. Bank shall have the option of requiring lien releases and/or waivers from persons furnishing labor, materials and services to the Premises in an amount sufficient order to satisfy provide Bank with further assurance that no mechanic's or materialman's liens or other encumbrances (other than the Finance Authority’s obligations hereunder from lien of the proceeds of Finance Authority Bonds in Mortgage) affect the Purchase Account or from other sources that the Finance Authority may, in its sole discretion, designate; provided however, once Loan proceeds have been deposited in the Construction Fund, such condition shall be deemed satisfiedPremises. (evi) The Participant Borrower shall have undertaken paid or invested in the Premises all actions necessary amounts required to comply with and satisfy the conditions and requirements for a Loan secured with money made available from the Wastewater SRF Fund as meet Borrower's equity investment obligation which is set forth in federal and State statutes, rules and regulations, including I.C. 13-18-13, SRF Policy Guidelines, the Clean Water Act and 40 C.F.R. Part 35Section 4 (h) hereof. (fvii) Prior to making any the final Loan disbursement disbursement, with respect to pay any Construction costsconstruction work on the Premises, the Project Borrower shall have been approved by the State’s Historical Preservation Officer in a manner consistent with the policies and practices of the Wastewater SRF Program (the “Historical Preservation Approval”). Notwithstanding any provision satisfied all requirements of this Agreement and shall have delivered to the contraryBank such certificates, in the event a Historical Preservation Approval has not been given within four (4) months after the date documents and other evidence of this Agreement, the Finance Authority may, in its sole discretion, (i) reduce the aggregate amount substantial completion of the Loan to the amount then disbursed and outstanding under this Agreement and (ii) if any amounts are held in Improvements required by the Construction FundCommitment or as Bank may reasonably require, require a Loan Reduction Payment pursuant to Section 2.06 as if it were a date that was including, but not limited to, certificates of occupancy for the building shell of the Premises, three (3) years after the dated date copies of an as-built final survey, tenant estoppel letters, subordination and attornment agreements, permanent hazard insurance and evidence that all sums due for construction costs have been paid or will be paid out of the Bonds. Upon giving notice final disbursement including, but not limited to, receipt by Bank of a final Contractor's affidavit and such other information as is sufficient in the reasonable opinion of Bank's counsel to void any materialman's or mechanic's liens (inchoate or otherwise) which would affect title to the Participant of such action, no further Loan disbursement (including from the Construction Fund) may be made under this Agreement unless consented to by the Finance AuthorityPremises. (gviii) In the event the Bonds are payable from rates Disbursements (prior to final disbursement) allocable to a payment on account of construction work and charges materials shall not exceed an amount equal to 95% of the Treatment Works total value of work and if requested materials in place and completed, less the sum of all payments previously made against construction work and materials. The total value of work and materials in place and completed shall be reasonably determined by Bank and shall be binding on Borrower. In no event shall disbursements for individual items exceed the Finance Authorityamounts specified therefor in the approved Budget, except that any savings with respect to individual items may be used to offset overages with respect to other individual items in the Participant approved Budget, provided such transfers or offsets are documented and disclosed to Bank prior to disbursement. Unless otherwise agreed by Bank, disbursements shall provide evidence satisfactory to the Finance Authority demonstrating that such rates and charges are at a level adequate to produce and maintain sufficient net revenue after providing not be made for the proper Operation and Maintenance of the Treatment Works, materials stored on a proforma basis consistent with SRF Policy Guidelines, to provide 1.25x coverage on all obligations of the Treatment Works (including the Bonds)site or off site.

Disbursement Conditions. Each of the following shall be a condition precedent to the disbursement of the Loan or any portion thereof (including from the Construction Fund): (1) With respect to procurement of professional services related to the Project to be paid from Loan proceeds, the Participant shall have complied with applicable State law and SRF Policy Guidelines. (2) With respect to procurement of all other goods and services related to the Project to be paid from Loan proceeds, the Participant shall have complied with I.C. 36-1-12 and SRF Policy Guidelines. (b) No representation, warranty or covenant of the Participant contained in this Agreement or in any paper executed and delivered in connection with the transactions contemplated by this Agreement shall be false or inaccurate in any material respect. (c) The Participant shall undertake and faithfully perform each of its obligations, agreements and covenants contained in this Agreement, the Authorizing Instrument and the Bonds. (d) There shall be available to the Finance Authority uncommitted funds in an amount sufficient to satisfy the Finance Authority’s obligations hereunder from the proceeds of Finance Authority Bonds in the Purchase Account or from other sources that the Finance Authority may, in its sole discretion, designate; provided however, once Loan proceeds have been deposited in the Construction Fund, such condition shall be deemed satisfied. (e) The Participant shall have undertaken all actions necessary to comply with and satisfy the conditions and requirements for a Loan secured with money made available from the Wastewater Drinking Water SRF Fund as set forth in federal and State statutes, rules and regulations, including I.C. 13-18-1321, SRF Policy Guidelines, the Clean Safe Drinking Water Act and 40 C.F.R. Part 35. (f) Prior to making any Loan disbursement to pay any Construction costs, the Project shall have been approved by the State’s Historical Preservation Officer in a manner consistent with the policies and practices of the Wastewater Drinking Water SRF Program (the “Historical Preservation Approval”). Notwithstanding any provision of this Agreement to the contrary, in the event a Historical Preservation Approval has not been given within four (4) months after the date of this Agreement, the Finance Authority may, in its sole discretion, (i) reduce the aggregate amount of the Loan to the amount then disbursed and outstanding under this Agreement and (ii) if any amounts are held in the Construction Fund, require a Loan Reduction Payment pursuant to Section 2.06 as if it were a date that was three (3) years after the dated date of the Bonds. Upon giving notice to the Participant of such action, no further Loan disbursement (including from the Construction Fund) may be made under this Agreement unless consented to by the Finance Authority. (g) In the event the Bonds are payable from rates and charges of the Treatment Works and Drinking Water System if requested by the Finance Authority, the Participant shall provide evidence satisfactory to the Finance Authority demonstrating that such rates and charges are at a level adequate to produce and maintain sufficient net revenue after providing for the proper Operation and Maintenance of the Treatment WorksDrinking Water System, on a proforma basis consistent with SRF Policy Guidelines, to provide 1.25x coverage on all obligations of the Treatment Works Drinking Water System (including the Bonds).