Application of Loan Proceeds. The Borrower will use the proceeds of the Loan solely for the purpose of paying for approved construction and development costs.
Application of Loan Proceeds. (a) The Borrower agrees to apply the Loan Proceeds solely and exclusively to the payment, or the reimbursement of the Borrower for the payment, of Project Costs and further agrees, upon the request of the Department, to exhibit to the Department, vouchers, statements, bills of sale or other evidence of the actual payment of such Project Costs. The Department shall disburse the Loan Proceeds to or for the account of the Borrower upon execution of this Agreement and upon receipt by the Department of the following:
(1) A requisition (upon which the Department shall be entitled to rely) signed by an Authorized Representative and containing all information called for by, and otherwise being in the form of, Exhibit C attached hereto.
(2) If such requisition includes an item for payment for labor or to contractors, builders or materialmen (i) a certificate, signed by an Authorized Representative, stating that such work was actually performed or such materials, supplies or equipment were actually furnished or installed in or about the construction of the Project; and (ii) a certificate signed by an Authorized Representative stating either that such materials, supplies or equipment are not subject to any lien or security interest or that such lien or security interest will be released or discharged upon payment of the requisition. Upon receipt of each such requisition and accompanying certificate or certificates, the Department shall disburse Loan Proceeds hereunder to or for the account of the Borrower in accordance with such requisition in an amount and to the extent approved by the Department. The Borrower expects to adhere to the estimated drawdown schedule attached hereto as Exhibit D. The Department shall have no obligation to disburse any such Loan Proceeds if the Borrower is in default hereunder, nor shall the Department have any obligation to approve any requisition if the Borrower is not in compliance with the terms of this Agreement.
(b) The Borrower shall comply with all applicable State of Delaware and federal laws. Except as may otherwise be approved by the Department, disbursements shall be held at ninety- five percent (95%) of the maximum amount authorized hereunder to ensure satisfactory completion of the Project. Upon receipt from the Borrower of the certificate specified in Section 3.4 and a final requisition detailing all retainages to which the Borrower is then entitled, the Department, to the extent approved by the Department and subject to th...
Application of Loan Proceeds. The Borrower will use the proceeds of the Loan solely for the purpose of paying for capital improvements specified in Attachment A.
Application of Loan Proceeds. The Enterprise shall apply the proceeds of each Advance to pay the costs of the Project.
Application of Loan Proceeds. The School District shall apply the proceeds of the Loan solely as provided in Section 3.4 of this Agreement.
Application of Loan Proceeds. To use the proceeds of the Loan solely for the purpose of paying for the cost of construction of the Improvements and such incidental costs relative to such construction as may be approved from time to time in writing by Lender, and in no event to use any of the Loan proceeds for personal, family, or household purposes.
Application of Loan Proceeds. Any failure to apply the loan proceeds pursuant to the provisions as provided herein; or
Application of Loan Proceeds. The Municipality shall apply the proceeds of the Loan solely to Project Costs.
Application of Loan Proceeds. The Lender may apply the loan proceeds under the notes to the satisfaction of any condition, warranty or covenant of Industries and Machine under any of the Restructure Documents, and any proceeds so applied will be considered as a part of the loan proceeds advanced and will be secured by the Restructure Documents.
Application of Loan Proceeds. Borrower shall use the proceeds of the Loan solely and exclusively for paying Soft Costs and Project System Costs, the repayment of the Facility Lessee Reverse Loan and the making of the Facility Lessee Loan in accordance herewith and in accordance with the Project Budget, which shall be subject to no change except as expressly permitted in this Agreement. Borrower will receive the Advances to be made hereunder and will hold the right to receive the same as a trust fund for the purpose of paying the costs of the Facility, and it will apply the same first to such payment before using any part thereof for any other purpose.
