Authorized Improvement Sample Clauses

Authorized Improvement i. Upon receipt of a reviewed and approved Certificate for Payment, the Trustee shall make payment from the Improvement Account of the Project Fund, as applicable, of such approved Certificate for Payment pursuant to the terms of the Certificate for Payment and the Indenture in an amount not to exceed the lesser of the Actual Cost or Budgeted Cost for the particular Authorized Improvement (or its completed segment, section or portion thereof and subject to the application of cost underruns, as provided for in this Agreement). ii. Notwithstanding any other provisions of this Agreement, the Trustee shall make payment directly to the Developer or the general contractor or supplier of materials or services, or jointly to Developer (or any permitted assignee of such Developer) and the general contractor or supplier of materials or services, as indicated in an approved Certificate for Payment. If an unconditional lien release related to the items referenced in the Certificate for Payment is attached to such Certificate for Payment, the Trustee shall make such payment to the Developer or any permitted assignee of the Developer. In the event the Developer provides a general contractor’s or supplier of materials unconditional lien release for a portion of the work covered by a Certificate for Payment, the Trustee will make such payment directly to the Developer or any permitted assignee of the Developer to the extent of such lien release.