Common use of Application of Bond Proceeds Clause in Contracts

Application of Bond Proceeds. (i) PID Bonds shall be issued pursuant to the PID Indenture, which shall be entered into by and between the PID and a banking institution acting as trustee acceptable to the PID Board and TSVI (the “PID Trustee”). XXXX Bonds shall be issued pursuant to the Master Indenture (for purposes of this Section 5(G), the “XXXX Indenture”), which shall be entered into by and between the XXXX and a banking institution acting as trustee acceptable to the XXXX Board and TSVI (the “Master Trustee” or the “XXXX Trustee”). (a) The PID Indenture shall provide for the deposit to the credit of a project fund or reimbursement fund (the “PID Project Fund” as shall be defined in the PID Indenture), the proceeds of the PID Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account and such other funds and accounts as may be more specifically described in the Indenture. (b) The XXXX Indenture shall provide for the deposit to the credit of a project fund or reimbursement fund (the “XXXX Project Fund” as shall be defined in the XXXX Indenture), the proceeds of the XXXX Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account and such other funds and accounts as may be more specifically described in the XXXX Indenture. Moneys in each of the PID Indenture Project Fund and XXXX Project Fund and shall be disbursed by the applicable Trustee to reimburse TSVI for Reimbursable Costs. (ii) Requests for disbursement from the PID Project Fund or the XXXX Project Fund, as applicable, shall be made substantially as follows: In each case, TSVI shall present to the Trustee a disbursement request (the “Disbursement Request”), the form of which shall be provided in the related Indenture, executed by a duly authorized representative of TSVI and an authorized officer of the District (as shall be defined and provided in the related Indenture), certifying that a component or components of Eligible Infrastructure have been dedicated to the Village, identifying in reasonable detail the work to which the payment relates. (iii) Authorized representatives of the PID or XXXX, as applicable, shall have the right, upon two (2) business days prior written notice to TSVI and during normal business hours, to review all books and records of TSVI pertaining to Reimbursable Costs.

Appears in 1 contract

Samples: Master Development Agreement

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Application of Bond Proceeds. (i) PID Bonds shall be issued pursuant to the PID Indenture, which shall be entered into by and between the PID and a banking institution acting as trustee acceptable to the PID Board and TSVI (the “PID Trustee”). XXXX Bonds shall be issued pursuant to the Master Indenture (for purposes of this Section 5(G), the “XXXX Indenture”), which shall be entered into by and between the XXXX and a banking institution acting as trustee acceptable to the XXXX Board and TSVI (the “Master Trustee” or the “XXXX Trustee”). (a) The PID Indenture Authority shall provide for loan all proceeds from the deposit sale of the Bonds to the credit of a project fund or reimbursement fund (Company and the “PID Project Fund” as Authority shall be defined in the PID Indenture), cause the proceeds of the PID initial sale of the Bonds net to be deposited with the Trustee in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of deposits the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02. Moneys in the Project Fund will be allocated for federal income tax purposes to the payment of interestthe Project Costs, or to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the Project Fund upon receipt of a requisition, substantially in the form as attached hereto as Exhibit B, signed by an Authorized Company Representative stating with respect to each disbursement to be made, the following: (i) the name and address of the person, firm or corporation to whom payment is due or has been made (which may include the Company) is set forth on Schedule I attached thereto; (ii) the amount to be or which has been paid is set forth on Schedule I attached thereto; (iii) that the costs of an aggregate amount set forth in such requisition have been or will be made or incurred or financed and were or will be necessary for the Project and were made or incurred in accordance with the construction contracts, plans and specifications and building permits therefor then in effect; (iv) that the amount paid or to be paid, as set forth in such requisition, represents a part of the amount that is or will be due and payable for Project Costs and was or will be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the Authority; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be applied, to pay the Project Costs and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if applicableany, costs of issuance, a debt service reserve account and such other funds and accounts then in effect; and (viii) that the amounts paid or to be paid as may be more specifically described set forth in the Indenture. (b) requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The XXXX Indenture Company shall provide attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review by the Trustee in the offices of the Company; provided that the Trustee shall have no duty or obligation to review such invoices and may conclusively rely on such requisitions. To the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit to in the credit of a project fund or reimbursement fund (the “XXXX Project Fund” as , the costs thereof shall not be defined included in the XXXX Indenture), Project Costs referred to above. The Trustee will maintain adequate records pertaining to the proceeds of the XXXX Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account held by it and such other funds and accounts as may be more specifically described in the XXXX Indenture. Moneys in each of the PID Indenture Project Fund and XXXX Project Fund and shall be disbursed all disbursement from them made by the applicable Trustee to reimburse TSVI for Reimbursable CostsTrustee. (ii) Requests for disbursement from the PID Project Fund or the XXXX Project Fund, as applicable, shall be made substantially as follows: In each case, TSVI shall present to the Trustee a disbursement request (the “Disbursement Request”), the form of which shall be provided in the related Indenture, executed by a duly authorized representative of TSVI and an authorized officer of the District (as shall be defined and provided in the related Indenture), certifying that a component or components of Eligible Infrastructure have been dedicated to the Village, identifying in reasonable detail the work to which the payment relates. (iii) Authorized representatives of the PID or XXXX, as applicable, shall have the right, upon two (2) business days prior written notice to TSVI and during normal business hours, to review all books and records of TSVI pertaining to Reimbursable Costs.

Appears in 1 contract

Samples: Loan Agreement (Navistar International Corp)

Application of Bond Proceeds. (i) PID Bonds shall be issued pursuant to the PID Indenture, which shall be entered into by and between the PID and a banking institution acting as trustee acceptable to the PID Board and TSVI (the “PID Trustee”). XXXX Bonds shall be issued pursuant to the Master Indenture (for purposes of this Section 5(G), the “XXXX Indenture”), which shall be entered into by and between the XXXX and a banking institution acting as trustee acceptable to the XXXX Board and TSVI (the “Master Trustee” or the “XXXX Trustee”). (a) The PID Indenture shall provide for the deposit Subject to the credit conditions hereof, the Issuer will, to the extent of a project fund moneys available in the Construction Fund, cause the Institution to be reimbursed for, or reimbursement fund pay, any costs and expenses incurred by the Institution that constitute Costs of the Project or any Cost of Issuance reimbursable to the Institution, provided such costs and expenses are approved by an Authorized Officer of the Issuer as follows: (i) To the “PID extent that moneys are available therefor, moneys in the Construction Fund shall be disbursed as the construction of the Project Fund” progresses in amounts as shall be defined requested by the Institution pursuant to a request for disbursement as hereinafter provided to reimburse the Institution for, or to pay, any costs and expenses constituting Costs of the Project previously paid or then due that were incurred by the Institution in connection with the Project. (ii) Prior to the Issuer making and delivering any certificate required to be delivered to the Trustee in connection with payments to be made pursuant to Section 5.04(c) of the Resolution for Costs of a Project, other than interest on Outstanding Bonds or any Cost of Issuance reimbursable to the Institution, the Issuer shall have received a certificate of the Institution substantially in the PID Indenture), the proceeds form of the PID Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account and such other funds and accounts as may be more specifically described in the IndentureExhibit A hereto. (b) The XXXX Indenture shall provide Institution will receive the disbursements of moneys in the Construction Fund to be made hereunder, and will hold the right to receive the same, as a trust fund for the deposit to purpose of paying the credit of a project fund or reimbursement fund (the “XXXX Project Fund” as shall be defined in the XXXX Indenture), the proceeds Costs of the XXXX Bonds net of deposits Project for which each disbursement was made, and will apply the same first to such payment of interestbefore using any part thereof for any other purposes. (c) The Institution shall permit the Issuer and its authorized representatives, if applicableat all reasonable times and upon reasonable notice, costs of issuance, a debt service reserve account and such other funds and accounts as may be more specifically described in to enter upon the XXXX Indenture. Moneys in each property of the PID Indenture Institution and the Projects to inspect the Project and all materials, fixtures and articles used or to be used in construction of the Project, and to examine all documents relating thereto. The Institution agrees to retain all original documentation related to expenditures for items which constitute Costs of the Project for at least three (3) years after the last of the Bonds or any related refunding bonds are retired, for inspection at any time by the Issuer or its auditors. (d) The Institution acknowledges and agrees that disbursements from the Construction Fund and XXXX Project Fund are to be made by the Trustee and shall be disbursed made in accordance with the Resolution only upon receipt by the applicable Trustee of the documents required by the Resolution to reimburse TSVI for Reimbursable Costs. (ii) Requests for disbursement be executed and delivered in connection with such disbursements. The Issuer agrees to provide the Institution, upon request therefor, copies of requisitions, invoices and any related documents detailing payments made from the PID Project Fund or the XXXX Project Construction Fund, as applicable, shall be made substantially as follows: In each case, TSVI shall present to the Trustee a disbursement request (the “Disbursement Request”), the form of which shall be provided in the related Indenture, executed by a duly authorized representative of TSVI and an authorized officer of the District (as shall be defined and provided in the related Indenture), certifying that a component or components of Eligible Infrastructure have been dedicated to the Village, identifying in reasonable detail the work to which the payment relates. (iii) Authorized representatives of the PID or XXXX, as applicable, shall have the right, upon two (2) business days prior written notice to TSVI and during normal business hours, to review all books and records of TSVI pertaining to Reimbursable Costs.

Appears in 1 contract

Samples: Loan Agreement

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Application of Bond Proceeds. (i) PID Bonds shall be issued pursuant to the PID Indenture, which shall be entered into by and between the PID and a banking institution acting as trustee acceptable to the PID Board and TSVI (the “PID Trustee”). XXXX Bonds shall be issued pursuant to the Master Indenture (for purposes of this Section 5(G), the “XXXX Indenture”), which shall be entered into by and between the XXXX and a banking institution acting as trustee acceptable to the XXXX Board and TSVI (the “Master Trustee” or the “XXXX Trustee”). (a) The PID Indenture Issuer shall provide for loan all proceeds from the deposit sale of the Bonds to the credit of a project fund or reimbursement fund (Company and the “PID Project Fund” as Issuer shall be defined in the PID Indenture), cause the proceeds of the PID initial sale of the Bonds net to be deposited with the Trustee in the “Project Fund,” which is hereby created with the Trustee. The Trustee will hold those proceeds in trust for the benefit of deposits the Company and the Bondholders and will apply the proceeds in accordance with this Section 5.02. Moneys in the Project Fund will be allocated for federal income tax purposes to the payment of interestthe Project Costs, or to the reimbursement of the Company for Project Costs paid by it. The Trustee shall disburse moneys in the Project Fund upon receipt of a requisition, substantially in the form as attached hereto as Exhibit B, signed by an Authorized Company Representative stating with respect to each disbursement to be made, the following: (i) the name and address of the person, firm or corporation to whom payment is due or has been made (which may include the Company) is set forth on Schedule I attached thereto; (ii) the amount to be or which has been paid is set forth on Schedule I attached thereto; (iii) that the costs of an aggregate amount set forth in such requisition have been or will be made or incurred or financed and were or will be necessary for the Project and were made or incurred in accordance with the construction contracts, plans and specifications and building permits therefor then in effect; (iv) that the amount paid or to be paid, as set forth in such requisition, represents a part of the amount that is or will be due and payable for Project Costs and was or will be made in accordance with the terms of any contracts applicable thereto and in accordance with usual and customary practice under existing conditions; (v) that no part of the Project Costs was included within the costs referred to in any requisition previously filed with the Trustee under the provisions of this Indenture; (vi) that (A) the withdrawal of moneys from the Project Fund and the use of the property financed or reimbursed therefrom has not and will not result in a violation of any representation, term or covenant in the Tax Agreement or Project Certificate and (B) any Favorable Opinion of Bond Counsel required to be delivered as a result of changes in the use of Project Fund moneys pursuant to Section 3.04 of the Loan Agreement has been delivered to the Trustee and the Issuer; (vii) that the amount remaining in the Project Fund, together with (A) moneys then on hand at the Company or committed to the Company which are or will be available, and are anticipated by the Company to be applied, to pay the Project Costs and (B) expected investment earnings to be deposited into the Project Fund pursuant to this Indenture, will, after payment of the amount requested in said requisition, be sufficient to pay the costs of completing the Project substantially in accordance with the construction contracts, plans and specifications and building permits therefor, if applicableany, costs of issuance, a debt service reserve account and such other funds and accounts then in effect; and (viii) that the amounts paid or to be paid as may be more specifically described set forth in the Indenture. (b) requisition are properly payable under the terms of this Indenture and that all conditions precedent to payment as prescribed in this Indenture have been satisfied. The XXXX Indenture Company shall provide attach to each requisition a list of invoices or bills of sale covering all items for which payment is being requested in such requisition issued by the manufacturers, suppliers or other sellers of such items. The invoices or bills shall be available for review by the Trustee in the offices of the Company; provided that the Trustee shall have no duty or obligation to review such invoices and may conclusively rely on such requisitions. To the extent that the Company leases from third parties or otherwise provides items for the Project from sources other than funds on deposit to in the credit of a project fund or reimbursement fund (the “XXXX Project Fund” as , the costs thereof shall not be defined included in the XXXX Indenture), Project Costs referred to above. The Trustee will maintain adequate records pertaining to the proceeds of the XXXX Bonds net of deposits for the payment of interest, if applicable, costs of issuance, a debt service reserve account held by it and such other funds and accounts as may be more specifically described in the XXXX Indenture. Moneys in each of the PID Indenture Project Fund and XXXX Project Fund and shall be disbursed all disbursement from them made by the applicable Trustee to reimburse TSVI for Reimbursable CostsTrustee. (ii) Requests for disbursement from the PID Project Fund or the XXXX Project Fund, as applicable, shall be made substantially as follows: In each case, TSVI shall present to the Trustee a disbursement request (the “Disbursement Request”), the form of which shall be provided in the related Indenture, executed by a duly authorized representative of TSVI and an authorized officer of the District (as shall be defined and provided in the related Indenture), certifying that a component or components of Eligible Infrastructure have been dedicated to the Village, identifying in reasonable detail the work to which the payment relates. (iii) Authorized representatives of the PID or XXXX, as applicable, shall have the right, upon two (2) business days prior written notice to TSVI and during normal business hours, to review all books and records of TSVI pertaining to Reimbursable Costs.

Appears in 1 contract

Samples: Loan Agreement (Navistar International Corp)

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