Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further...
Conditions Precedent to Disbursements. Following the First Disbursement
Conditions Precedent to Disbursements. Notwithstanding anything in this Agreement to the contrary, the WIFIA Credit Provider shall have no obligation to make any disbursement of proceeds to the City (including the initial disbursement hereunder) until each of the following conditions precedent has been satisfied or waived in writing by the WIFIA Credit Provider in its sole discretion:
(i) The City shall have provided to the WIFIA Credit Provider evidence satisfactory to the WIFIA Credit Provider that (A) the aggregate amount of all disbursements under this Agreement (including the requested disbursement but excluding any interest that is capitalized in accordance with the terms hereof) shall not exceed
(1) $36,516,525.66, (2) the amount of Eligible Project Costs paid or incurred by the City, and (3) the cumulative disbursements through the end of the current Federal Fiscal Year as set forth in the Anticipated Disbursement Schedule; (B) the City has sufficient available funds committed to the Project, which together with funds that remain available and not yet drawn under this Agreement, will be sufficient to pay the reasonably anticipated remaining Total Project Costs; and (C) the total federal assistance provided to the Project, including the maximum principal amount of proceeds available under this Agreement (excluding any interest that is capitalized in accordance with the terms hereof), does not exceed eighty percent (80%) of Total Project Costs.
(ii) The City shall have provided an Updated Financial Model in compliance with the requirements of Section 16(a) (Reporting Requirements – Updated Financial Model).
(iii) The City shall have delivered to the WIFIA Credit Provider a Requisition that complies with the provisions of Section 4 (Disbursement Conditions) (including satisfactory Eligible Project Costs Documentation relating to such Requisition), and the WIFIA Credit Provider shall have approved (or be deemed to have approved in accordance with Section 4(b) (Disbursement Conditions)) such Requisition. The City’s Authorized Representative shall also certify in such Requisition that:
(A) all Governmental Approvals necessary as of the time of such disbursement for the development, construction, operation and maintenance of the Project have been issued and are in full force and effect (and are not subject to any notice of violation, breach or revocation);
(B) each of the insurance policies obtained by the City and by any applicable Principal Project Party in satisfaction of the conditions in ...
Conditions Precedent to Disbursements. The Holder's obligation to make each Disbursement shall be subject to the conditions precedent that on such date:
(a) all representations and warranties contained in paragraph 8 hereof and in Section 3 of the Debenture Purchase & Security Agreement shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of making such Disbursement;
(b) no Event of Default (as defined below) and no event or condition which, with the notice or passage of time or both, would constitute an Event of Default, shall exist or have occurred and be continuing on and as of the date of making such Disbursement and after giving effect thereto;
(c) there exists no default in any payment with respect to any Senior Indebtedness (as that term is defined in Section 11 of the Debenture Purchase & Security Agreement) and there shall not have occurred an event of default with respect to any Senior Indebtedness, as defined in the instrument under which the same is outstanding, permitting the holders thereof to accelerate the maturity thereof, other than an event of default which shall have been cured or waived or shall have ceased to exist;
(d) no material adverse change shall have occurred in the assets, business or prospects of the Company since the date hereof, and no change or event shall have occurred that would impair the ability of the Company to perform its obligations hereunder. In the event that any one of the conditions set forth above is not satisfied at the time the Company makes a written request for a Disbursement pursuant to paragraph 1, this Debenture shall be deemed in default and the Holder shall not be obligated to make any further Disbursement hereunder.
Conditions Precedent to Disbursements. 29 Section 4.1 Conditions Precedent to Initial Closing...............................................29 Section 4.2 Conditions Precedent to Subsequent Loans..............................................32
Conditions Precedent to Disbursements. 3.1.1 Lender’s obligation to make the initial disbursement under the Loan Documents shall be subject to satisfaction of following conditions precedent by not later than the date hereof:
Conditions Precedent to Disbursements. A. Disbursement of Grant funds shall be subject to satisfaction of the following conditions precedent:
(1) approval by the Department of the work activities covered by such contracts, the cost of such work activities, and the amount of the Grant monies to be disbursed;
(2) approval by the Department of all previously performed work with respect to which Xxxxx monies have already been disbursed to Grantee; and
Conditions Precedent to Disbursements. As a condition to its obligation to make the disbursements of funds hereunder, the Owner shall submit any documentation the Agency may reasonably require in a manner specified by the Agency.
Conditions Precedent to Disbursements. 45 Section 4.1
Conditions Precedent to Disbursements. (a) Article 4 of the Credit Agreement shall be amended to add a new Section 4.3 to read as follows:
