Balance in Construction Fund Sample Clauses

Balance in Construction Fund. Upon the earlier of: (i) the Completion Date; (ii) the third anniversary of the Date of Issuance or such later date as may be approved by the Authority; and (iii) the receipt by the Trustee of a certificate signed by a Borrower Representative, approved by an Authority Representative and the Letter of Credit Issuer, to the effect that the Project will not be completed (the earlier to occur of (i), (ii) and (iii) being the "Construction Fund Transfer Date"), any balance remaining in the Construction Fund (other than amounts retained by the Trustee to pay Costs of Project not then due and payable or for which the liability for payment is in dispute) shall be transferred to the Bond Fund and used to pay the redemption price of Bonds called for redemption pursuant to Section 301 (a) hereof. -----(b) In the event that the Borrower exercises the option under Section 8.01(a) of the Loan Agreement to prepay in full the amounts payable under Section 4.01 of the Loan Agreement, the Trustee shall, upon the direction of the Borrower, deposit in the Bond Fund, on the date the prepayment is made, any balance remaining in the Construction Fund. -----(c) If the principal amount of all outstanding Bonds shall have become due and payable pursuant to a declaration in accordance with Section 803 of this Agreement or the giving of a redemption notice pursuant to Section 301 of this Agreement, the Trustee shall transfer to the Bond Fund any funds remaining in the Construction Fund.
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Balance in Construction Fund. Upon the earlier of (i) the Completion Date, (ii) the third anniversary of the Date of Issuance or such later date as may be approved by the Authority and (iii) the receipt by the Trustee of a certificate signed by a Borrower Representative and approved by an Authority Representative to the effect that the Project will not be completed (the earlier to occur of (i), (ii) and (iii) above being the "Construction Fund Transfer 55 62 Date"), any balance remaining in the Construction Fund (other than amounts retained by the Trustee to pay Costs of the Project not then due and payable or for which the liability for payment is in dispute) shall be transferred to the Bond Fund and used to pay the redemption price of Bonds called for redemption pursuant to Section 301(a) hereof.
Sample 1
Balance in Construction Fund. On the third anniversary of the Date of Issuance or such later date as may be approved by the Authority (the "Construction Fund Transfer Date"), any balance remaining in the Construction Fund (other than amounts retained by the Trustee to pay Costs of the Project not then due and payable or for which the liability for payment is in dispute) shall be transferred to the Bond Fund and used to pay the redemption price of Bonds called for redemption pursuant to Section 301(a) hereof.
Sample 1
Balance in Construction Fund. On the receipt by the Trustee of the certificate evidencing the completion date accompanied by an Opinion of Counsel to the Company that there are no uncancelled mechanics', laborers', lessors' or materialmen's liens against the Project or on file in any public office where the same should be filed in order to be valid liens against the Project and that the time within which such liens can be filed has expired, any balance remaining in the Construction Fund (other than amounts retained to pay costs not then due and payable or for which the liability for payment is in dispute) shall be used or transferred by the Trustee as provided in Section 3.6 of the Loan Agreement.
Sample 1
Balance in Construction Fund. Any amounts remaining in the Construction Fund after delivery of the Project Completion Certificate shall, upon the receipt of a written request of the Authorized Company Representative, be transferred to the Bond Fund and shall be used by the Trustee (i) to purchase for cancellation Bonds at any reasonable price as determined by the Authorized Company Representative, which price, however, shall not exceed the principal amount thereof plus accrued interest thereon or (ii) to redeem Bonds in the largest principal amount then subject to redemption at par (together with accrued interest thereon) that does not exceed the amount of such funds pursuant to Section 9.1(c)(ii).
Sample 1
Balance in Construction Fund. Any balance remaining in the Construction Fund (except for amounts retained at the Lessee's written direction for Costs of Construction not then due and payable), shall, at the written direction of the Lessee, be deposited into a segregated account of the Issuer in the Bond Fund to be designated "The Industrial Development Board of the Parish of St. Xxxx, Louisiana, Inc. Taxable Revenue Bond Lessee Designation Account - Xxxxxx Aluminum, L.L.C. Project" (the "Lessee Designation Account") and used by the Trustee for (a) redemption of principal of the Bonds in inverse order of installments on or prior to the earliest redemption date permitted by this Indenture without a premium or penalty in accordance with the provisions of this Indenture; or (b) the payment of a portion of the principal due on the Bonds in years before the Bonds are subject to redemption without premium or penalty; or (c) any other purpose specified in writing by the Lessee, provided that the Trustee is furnished with an opinion of Bond Counsel, satisfactory to the Trustee, to the effect that such use is lawful under the Act.
Sample 1

Related to Balance in Construction Fund

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  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • General Construction Principles Words in any gender are deemed to include the other genders. The singular is deemed to include the plural and vice versa. The headings and underlined paragraph titles are for guidance only and have no significance in the interpretation of this Agreement.

  • Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  • Effect of Plan; Construction The entire text of the Plan is expressly incorporated herein by this reference and so forms a part of this Agreement. In the event of any inconsistency or discrepancy between the provisions of this Agreement and the terms and conditions of the Plan under which the Units are granted, the provisions of the Plan shall govern and prevail. The Units and this Agreement are each subject in all respects to, and the Company and the Participant each hereby agree to be bound by, all of the terms and conditions of the Plan, as the same may have been amended from time to time in accordance with its terms; provided, however, that no such amendment shall deprive the Participant, without the Participant’s consent, of any rights earned or otherwise due to the Participant hereunder.

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