Common use of Disposition of Balance in Project Fund Clause in Contracts

Disposition of Balance in Project Fund. When the Project shall have been completed and the Trustee shall have received a certificate of the Lessee's Representative stating the Completion Date and what items of the Cost of the Project, if any, have not been paid, and for the payment of which money should be reserved, any funds remaining after the Trustee has reserved funds for unpaid items shall be deposited in the Bond Fund and applied by the Trustee at the written direction of the Lessee as soon thereafter as practicable, (a) to the purchase of Bonds at such price and upon such terms and conditions as the Lessee may direct or to the reimbursement of the Credit Facility Issuer for draws under the Credit Facility to purchase Bonds, or (b) to the redemption of the Bonds, on the first redemption date occurring after the Completion Date at the applicable optional or mandatory redemption price or to reimburse the Credit Facility Issuer for draws under the Credit Facility to redeem bonds, or (c) provided that, if the Bonds are then the Tax-Exempt Series Bonds, the Trustee shall have received an opinion of Bond Counsel that such deposit shall not cause interest on the Bonds to be includable in gross income for Federal income tax purposes under Section 103 of the Code, such amounts may be transferred to the Bond Fund for payment of maturing principal of or interest on any of the Bonds or to reimburse the Credit Facility Issuer for draws under the Credit Facility for such payment.

Disposition of Balance in Project Fund. When the Project shall have been completed and the Trustee shall have received a certificate of the Lessee's Representative Company Representative, approved in writing by the Credit Facility Issuer, stating the Completion Date and what items of the Cost Costs of the Project, if any, have not been paid, and for the payment of which money should be reserved, any funds remaining after the Trustee has reserved funds for unpaid items shall be deposited in the Bond Fund and applied by the Trustee at the written direction of the Lessee Company as soon thereafter as practicable, (a) to the purchase of Bonds Bonds, to the extent such funds constitute Available Moneys, at such price and upon such terms and conditions as the Lessee Company may direct or to the reimbursement of the Credit Facility Issuer for draws under the Credit Facility to purchase Bonds, or (b) to the redemption of the Bonds, to the extent such funds constitute Available Moneys, on the first redemption date occurring after the Completion Date at the applicable optional or mandatory redemption price or to reimburse the Credit Facility Issuer for draws under the Credit Facility to redeem bonds, or (c) provided that, if the Bonds are then the Tax-Exempt Series Bonds, that the Trustee shall have received an opinion of Bond Counsel that such deposit shall not cause interest on the Bonds to be includable in gross income for Federal income tax purposes under Section 103 of the Code, such amounts may be transferred to the Bond Fund and, to the extent such funds constitute Available Moneys, used for payment of maturing principal of or interest on any of the Bonds or to reimburse the Credit Facility Issuer for draws under the Credit Facility for such payment.