Bond Proceeds. As of the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds; and (ii) demonstrated that such Bonds shall be issued within thirty (30) days after Closing and the Bond Proceeds shall be made available to Developer within seven (7) days of the Bonds being issued; and, as of the Closing Date, Developer, at its sole and absolute discretion, shall have determined that the proceeds of the Bonds shall be available to Developer for the purposes set forth in this Agreement.
Bond Proceeds. On or before the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary to authorize the Bonds; and
Bond Proceeds. As of the Closing, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds; and (ii) demonstrated that such Bonds shall be issued within thirty (30) days after Closing and the Bond Proceeds made available to the Multi-Family Developer and Course Owner within seven (7) days of the Bonds being issued; and, as of the Closing, the Multi-Family Developer and Course Owner, exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceeds and available to the Multi-Family Developer and Course Owner for the purposes set forth in this Agreement. If one or more of the conditions set forth in this Section is not, or cannot be, timely and completely satisfied, then, as their sole and exclusive remedy, City Bodies either may elect to: (i) waive in writing satisfaction of the conditions and proceed to the Closing; or (ii) terminate this Agreement and the Ancillary Agreements prior to Closing by a written notice to Multi-Family Developer and Course Owner; provided that, with respect to any unsatisfied conditions resulting from a breach of this Agreement by Multi-Family Developer and/or Course Owner, the City Bodies shall have all of the rights and remedies set forth in this Agreement. Notwithstanding anything to the contrary set forth herein, (1) the City Bodies shall work diligently and in good faith to satisfy the conditions set forth in this Section; and (2) if the City Bodies fail to terminate this Agreement for any unsatisfied condition; on or before the earlier of (i) the Closing; or (ii) two (2) business days after the applicable deadline set forth in each of the foregoing subsections; the City Bodies shall be deemed to have waived such condition.
Bond Proceeds. The Authority will apply the proceeds of the Bonds in accordance with the Indenture and as described in the Preliminary Official Statement and Official Statement
Bond Proceeds. The Issuer will cause the Trustee to deposit into the Owner Project Account the Initial Allocated Proceeds Amount less the Owner’s Proportionate Share of the costs of issuance of the Series [ ] Bonds.
Bond Proceeds. If and to the extent that funds are deposited into the Construction Fund under and as defined in the Tax-Exempt Bond Documents, the Borrower shall requisition funds from time to time in accordance with the provisions of the Tax-Exempt Bond Documents and shall cause such funds to be deposited into the Tax-Exempt Bond Proceeds Sub-Account and shall thereafter apply such amounts solely to the payment of Project Costs (subject to the conditions to disbursement set forth in Section 3.1 of the Depositary Agreement).
Bond Proceeds. As of the Bond Proceeds Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds; and (ii) demonstrated that the Bond Proceeds shall be made available to Developer on or before the Bond Proceeds Date; and, as of the Bond Proceeds Date, Developer, exercising commercially reasonably discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceeds and available to Developer for the purposes set forth in this Agreement.
Bond Proceeds. As of the Closing Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Bonds and have commenced the approval process for the MFB Project Bonds; (ii) demonstrated that such Bonds shall be issued and the Retail Bonds Proceeds shall be made available to Developer within fifteen (15) days after the Closing Date; and (iii) demonstrated that MFB Project Bonds are anticipated to be issued and the MFB Bond Proceeds are anticipated to be available within sixty (60) days of the Closing Date.”
Bond Proceeds. On or before the Phase One Bond Proceeds Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Phase One Bond Proceed Portion; and (ii) demonstrated that such Phase One Bond Proceed Portion shall be issued and the proceeds available to Developer on or before the Phase One Bond Proceeds Date; and, as of the Phase One Bond Proceeds Date, Developer, exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceed Portion applicable to Phase One and available for Developer for the purposes set forth in this Agreement. Upon (x) receipt of a Bond Proceeds Notice for a subsequent Project Phase; (y) approval of Final Documents and Drawings for such subsequent Project Phase; and (z) demonstration that Developer has adequate funds to construct such subsequent Project Phase, City shall make available additional Bond Proceed Portions on or before the applicable Bond Proceeds Date consistent with the Funding Agreement
Bond Proceeds. The Parties agree that, subject to the provisions of the City-URA Agreement, the proceeds, net of proceeds used for costs of issuance, debt service reserve funds, if any, and capitalized interest, if any, from the bond issuance described in Section 1 above shall be distributed as follows: The first amount of net proceeds up to $20,000,000, as a first in priority use of net proceeds, shall be dedicated to the USOM. The next amount of net proceeds up to $6,700,000, as a second in priority use of net proceeds, shall be dedicated to Southwest Colorado Springs Downtown Infrastructure. Any additional amount of net proceeds in excess of $26,700,000, as a third in priority use of net proceeds, shall be apportioned with 75% being dedicated to the USOM, and 25% being dedicated to Southwest Colorado Springs Downtown Infrastructure.
