Disbursements from the Project Fund Sample Clauses

Disbursements from the Project Fund. The Issuer has, in the Indenture, authorized and directed the Trustee to make disbursements from the Project Fund to pay the Costs of the Project, or to reimburse the Company for any Cost of the Project paid by the Company. Except with respect to payment of Issuance Costs on the date of issuance of the Bonds, the Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a Requisition.

Disbursements from the Project Fund. The Issuer will in the Indenture authorize and direct the Trustee to use the moneys in the Project Fund for the following purposes: (a) Payment of the initial or acceptance fee of the Trustee and customary and reasonable fees and expenses of the Trustee (including reasonable counsel fees actually incurred and reasonable expenses of counsel); the fees and expenses payable to the Issuer (including reasonable counsel fees actually incurred and reasonable expenses of counsel); the fees and expenses for recording or filing the Limited Warranty Deed whereby fee simple title in and to the Leased Land has been or is to be conveyed to the Issuer; the fees and expenses for recording or filing this Lease (or a memorandum thereof), the Indenture and any other documents by which this Lease is assigned as security for the Bonds; the fees and expenses for recording or filing any documents that the Lessee may deem desirable to file for record in order to protect the title of the Issuer to the Project, or any part thereof; and the fees and expenses in connection with any actions or proceedings that the Lessee may deem desirable to bring in order to perfect or protect the title of the Issuer to the Project; (b) Payment to the Lessee and the Issuer, as the case may be, of such amounts, if any, as shall be necessary to reimburse the Lessee and the Issuer in full for all advances and payments made by them or either of them prior to or after the delivery of the Bonds for expenditures in connection with the acquisition by the Issuer or the Lessee of fee simple title to the Leased Land (including the cost of the Leased Land and of any options to purchase the Leased Land and rights-of-way for the purpose of providing access to and from the Leased Land), clearing the Leased Land, site improvement, the preparation of the plans and specifications for the Project (including any preliminary study or planning of the Project or any aspect thereof), the acquisition, construction; development, installation and equipping of the Project, the acquisition, construction, development, installation and equipping necessary to provide utility services or other facilities including trackage to connect the Project with public transportation facilities, and the acquisition, construction, development and installation of all real or personal properties deemed necessary in connection with the Project, and any architectural, engineering and supervisory services with respect to any of the foregoing; (c) Pa...

Disbursements from the Project Fund. Whenever the Borrower desires to obtain a disbursement of funds from the Project Fund, the Borrower shall submit to the Trustee a signed Disbursement Request (approved by the HUD Mortgagee) in the form attached as Exhibit B between the Borrower and the Issuer with respect to the Bonds, in addition to the Draw Request submitted to the HUD Mortgagee pursuant to Subsection (a) above, at least two (2) Business Days prior to the date on which the requested disbursement is to be made ("Disbursement Date"). On or before each Disbursement Date, Trustee shall confirm to HUD Mortgagee, and Tax Credit Investor compliance with the terms and conditions of the Section 6 of the Indenture and Section 3.03-3.04 of the Loan Agreement by the Borrower, and upon receipt of the related Collateral Payment(s) by the Trustee, the Trustee shall disburse from the Project Fund, the amount of the requested disbursement in accordance with the Disbursement Request. If the Trustee has received the required Collateral Payments but the other conditions for the disbursement of the corresponding amount of Bond Proceeds from the Project Fund set forth in Section 6 of the Indenture and Section 3.03-3.04 of the Loan Agreement have not been fully satisfied, the Trustee shall not disburse such Bond Proceeds and shall promptly disburse the Collateral Payments deposited for such Disbursement Request within 5 days following receipt to the HUD Mortgagee upon its request with written notice thereof to Tax Credit Investor of any corresponding returned Collateral Payments. Disbursements by the Trustee from the Project Fund shall be made in accordance with the applicable Disbursement Request.

Disbursements from the Project Fund. (a) The Company shall construct and equip any rebuilding, replacement, repair or restoration of the Prior Project or cause the same to be constructed and equipped, and to that end will enter into contracts providing for completion of all work, improvements and personal property included in such rebuilding, replacement, repair or restoration of the Prior Project. Payments shall be made by the Trustee under the Indenture for the Costs of construction, and all such payments shall be made at the times, to the persons, subject to the conditions and in accordance with the procedures set forth in the Indenture. The proceeds of any Bonds which are deposited in the Project Fund shall be expended only for the Cost of construction or for payment of such Bonds as provided in the Indenture. No part of the Authority’s funds for any rebuilding, replacement, repair or restoration of the Prior Project shall be subject to attachment or levy in the suit of any creditor of the Company or any agent, manufacturer, supplier, contractor or subcontractor. (b) The Company shall cause any rebuilding, replacement, repair or restoration of the Prior Project to be undertaken and completed in all material respects in compliance with all present and future laws, acts, rules, regulations, orders and requirements made and applicable thereto. In connection with any rebuilding, replacement, repair or restoration of the Prior Project, the Company further agrees that: (i) it has entered into or shall enter into the Construction Contracts as it deems necessary or advisable for any acquisition, installation, equipping, constructing, renovations and conversions relating to such Project; and (ii) it shall cause such Project to be completed in accordance with the Construction Contracts, if any, therefor and shall enforce all such Construction Contracts in a commercially reasonable manner. (c) The Company further agrees that it shall not permit or consent to any material amendments, modifications, supplements, changes and deletions (“Change Order”) relating to the rebuilding, replacement, repair or restoration of the Prior Project which are included in the Construction Contracts or any estimate, schedule or plans and specifications therefor (collectively, the “amendments”) if such Change Order will adversely affect the exclusion of interest on the Bonds from gross income for federal income tax purposes or the Project from qualifying as an “authorized project” under the Act. (d) The Company further a...

Disbursements from the Project Fund. (a) In the Indenture, the Issuer has authorized and directed the Trustee to make disbursements from the Project Fund as required by this Agreement. Disbursement of the entire $5,000,000 of proceeds from the sale of the Series J Bonds shall be made from the Series J Account to refund the Series I Bonds, upon receipt by the Trustee of a requisition signed by a Company Representative stating with respect to such disbursement to be made: (1) that it is requisition no. 1; (2) that payment is to be made to the Trustee of the Series I Bonds; (3) that the amount to be paid is $5,000,000; and (4) that on the date thereof there has not occurred any act which, with the giving of notice or passage of time, or both, would constitute a Default. (b) The Company further agrees that as a condition precedent to the disbursement from the Project Fund on the Closing Date of the entire proceeds of the Series J Bonds to be used to refund the Series I Bonds, there shall be furnished to the Trustee, in writing, unless waived by the Purchaser, the following: (1) evidence of fee and mortgage title insurance, in form and substance satisfactory to the Issuer; (2) proof that the insurance required to be maintained pursuant to Section 5.4 is in full force and effect and that all premiums have been paid; (3) proof of flood insurance as required in Section 5.4(c); (4) verification evidencing that all permits, consents, approvals and agreements required by all governmental boards and bureaus have been secured and remain in full force and effect; (5) such evidence as the Issuer or the Trustee may require to demonstrate exemption from or compliance with all applicable building, zoning, health and safety laws, ordinances and regulations; and (6) such other additional documents, financing statements, affidavits or certificates of the Company or any other person or entity as the Issuer or the Trustee may reasonably request. (c) The Company hereby agrees that it shall pay all costs incurred by the Company or the Trustee in making such disbursement from the Project Fund. In making any such disbursements from the Project Fund, the Trustee may conclusively rely on such requisitions and other documents delivered to it and the Trustee shall be relieved of all liability with respect to the making of such disbursements if made in accordance with the foregoing.

Disbursements from the Project Fund. The moneys in the Project Fund shall be disbursed by the Trustee for the payment of, or reimbursement to the Developer (or any other party that has made payment on behalf of the Developer) for payment of, Project Costs upon receipt of requisition certificates signed by the Developer in accordance with the provisions of Article IV of the Lease. The Trustee hereby covenants and agrees to disburse such moneys in accordance with such provisions.

Disbursements from the Project Fund. The Authority shall pay the Costs of the Project by checks or wire transfers by making disbursements from the Project Fund or other payments from the proceeds of the Series 2023 Bond as otherwise provided in the Bond Resolution. Such disbursements shall be made only upon the execution and filing with the Authority of a requisition signed by an authorized representative of the Authority (the “Authority Representative”) stating (i) the requisition number, (ii) the name and address of the person, firm or corporation (which may include the City or the Authority) to whom payment is due or was made, (iii) the amount paid or to be paid, (iv) that none of the items for which the payment is proposed to be made has formed the basis for any payment theretofore made from the Project Fund, and (v) that each item for which payment is proposed to be made is a proper charge against the Project Fund in accordance with the provisions of the Bond Resolution and this Contract.

Disbursements from the Project Fund. The Issuer has, in the Indenture, authorized and directed the Trustee to disburse the Series J Bond proceeds on the Closing Date from the Series J Account within the Project Fund to refund the Series I Bonds. The Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a Requisition and the other documents required by Section 5.1 of this Agreement.

Disbursements from the Project Fund. The Treasurer has, in the Supplement, authorized and directed the Trustee to disburse the moneys in the Project Fund for Allowable Costs of the Project. Except as otherwise provided in this Lease, each payment from the Project Fund shall be made only upon (A) the written direction of the Authorized Company Representative, who shall certify with respect to each such payment: (i) that each item for which payment is requested is an Allowable Cost properly payable out of the Project Fund in accordance with the terms and conditions of this Lease and none of the items for which the payment is proposed to be made has formed the basis for any payment theretofore made from the Project Fund, (ii) that each item for which payment is proposed to be made is or was necessary in connection with the Project and (iii) that the Company has received from each payee appropriate waivers of any mechanics' or other liens (or has provided indemnification in lieu thereof satisfactory to the Director) and (B) the written approval of the Director. The Director shall not be required to approve any request for disbursement of moneys from the Project Fund unless the Company has complied with all of the Terms and Conditions to Disbursement. The Trustee shall be allowed a reasonable time, not to exceed fifteen (15) days, in view of the character of any installment or investments required to be liquidated for the purpose, for the making of any disbursement from the Project Fund authorized by this Section.