Common use of Conditions to Disbursement Clause in Contracts

Conditions to Disbursement. DAS has no obligation to disburse any of the Grant unless all of the following conditions are met on the date of disbursement: (1) There is no Default or Event of Default. (2) The representations and warranties made by Grantee in this Agreement are true and correct as if made on such date. (3) The Bonds have been issued by the State. (4) DAS, in the reasonable exercise of its administrative discretion, has sufficient funding, appropriations, limitations, allotments, allocation and other expenditure authority to authorize the disbursement. (5) DAS (a) has received a completed Reimbursement Request from Grantee, (b) has received any written evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as DAS may require, (c) is satisfied that all items listed in the Reimbursement Request are reasonable and that the costs for labor and materials were incurred and are properly included in the Project Costs, and (d) has determined that the disbursement is only for costs defined as eligible Project Costs. (6) DAS has received the following items in form and substance satisfactory to DAS: a. This Agreement duly signed by an authorized officer of Grantee. b. Such other certificates, documents, opinions and information as DAS may reasonably require. (7) Any conditions to disbursement elsewhere in this Agreement or in the other financing documents for this Project are met.

Conditions to Disbursement. DAS has no obligation to disburse any of the Grant unless all of the following conditions are met on the date of disbursement: (1) There is no Default or Event of Default. (2) The representations and warranties made by Grantee in this Agreement are true and correct as if made on such date. (3) The Bonds have been issued by the State. (4) DAS, in the reasonable exercise of its administrative discretion, has sufficient funding, appropriations, limitations, allotments, allocation and other expenditure authority to authorize the disbursement. (5) DAS (a) has received a completed Reimbursement Request from Grantee, (b) has received any written evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as DAS may require, (c) is satisfied that all items listed in the Reimbursement Request are reasonable and that the costs for labor and materials were incurred and are properly included in the Project Costs, and (d) has determined that the disbursement is only for costs defined as eligible Project Costs. (6) DAS has received the following items in form and substance satisfactory to DAS: a. This Agreement duly signed by an authorized officer of Grantee. b. If requested, an opinion of counsel to Grantee, that is acceptable to DAS, to the effect that this Agreement has been duly executed and delivered by, and constitutes a valid and binding obligation of, Grantee, enforceable against Grantee in accordance with its terms and that Grantee has taken all actions necessary to and has full authority and power to incur and perform its obligations under this Agreement and to receive financing for and carry out the Project. c. Such other certificates, documents, opinions opinions, and information as DAS may reasonably require. (7) Any conditions to disbursement elsewhere in this Agreement or in the other financing documents for this Project are met.