Common use of Closeout of the Project Fund Clause in Contracts

Closeout of the Project Fund. The Completion Date for the Project shall be promptly established and evidenced to the Trustee and shall be the date on which the Borrower Representative delivers to the Trustee a certificate stating that, except for the amounts retained by the Trustee at the Borrower's direction for any Cost of Acquisition of the Project not then due and payable, the Acquisition of the Project has been completed substantially in accordance with the Plans and Specifications, if any, and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate may state that it is given without prejudice to any rights against third parties that exist at the date of such certificate or that may subsequently come into being.

Closeout of the Project Fund. The Completion Date for the Project shall be promptly established and evidenced to the Trustee and the Bank and shall be the date on which the Borrower Representative delivers to the Trustee and the Bank a certificate stating that, except for the amounts retained by the Trustee at the Borrower's direction for any Cost of Acquisition of the Project not then due and payable, the Acquisition of the Project has been completed substantially in accordance with the Plans and Specifications, if any, and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate may state that it is given without prejudice to any rights against third parties that exist at the date of such certificate or that may subsequently come into being.

Closeout of the Project Fund. The Completion Date for the Project shall be promptly established and evidenced to the Trustee and the Project Fund Custodian shall be the date on which the Borrower Representative delivers to the Trustee and the Project Fund Custodian a certificate stating that, except for the amounts retained by the Trustee Project Fund Custodian at the Borrower's direction for any Cost of Acquisition of the Project not then due and payable, the Acquisition of the Project has been completed substantially in accordance with the Plans and Specifications, if any, and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate may state that it is given without prejudice to any rights against third parties that exist at the date of such certificate or that may subsequently come into being.