Conditions to Subsequent Disbursements. Upon satisfaction of the conditions described below in this Section 7.2 and Section 4.1, the Disbursement Agent shall make the disbursements described in the corresponding Renovation Disbursement Request (provided that the conditions set forth in Section 7.1 above shall have previously been satisfied) from the Renovation Disbursement Account to the Disbursed Funds Account or as otherwise directed in such Renovation Disbursement Request:
(a) The Company shall have submitted to the Disbursement Agent and the Trustee, a Renovation Disbursement Request pertaining to the amounts requested for disbursement, together with a completed Schedule 1 in the form contemplated thereby.
(b) The Renovation Disbursement Request shall have been executed and completed as to the information required therein, and the required schedules, exhibits and attachments, if any, shall be attached.
(c) No Default or Event of Default has occurred and remains continuing.
(d) The Issuers certify that any amounts deposited into the Disbursed Funds Account pursuant to any previous Renovation Disbursement Requests (other than Advance Disbursements permitted to be outstanding under this Agreement) shall have been paid to the respective parties identified on the Schedule 1 of each such previous Renovation Disbursement Request, except for such limited payments withheld by the Company for good cause and set forth on Schedule 2 thereto (together with an explanation as to why such payment has been withheld).
(e) The Disbursement Agent shall have received copies of all Contracts executed as of the date of any Renovation Disbursement Request and, with respect to such Contract executed on or before the date of such Renovation Disbursement Request: (i) a consent substantially in the form attached hereto as Exhibit G signed by each Contractor with respect to such Contract; and (ii) copies of such performance and payment bonds as the Company may require to be provided to the Company pursuant to such Contract. Such bonds shall name the Issuers and the Trustee as co-obligees and shall be in full force and effect. The Disbursement Agent shall conclusively rely upon the certification of the Issuers set forth in the Renovation Disbursement Request in order to establish satisfaction of this condition.
Conditions to Subsequent Disbursements. The obligation of the Lender to make each disbursement of the Loan after the first disbursement thereof shall be subject to the prior or contemporaneous satisfaction of each of the following conditions:
Conditions to Subsequent Disbursements. Upon satisfaction (or a written waiver by the Trustee) of the conditions described below in this Section 7.2, the Disbursement Agent shall make the disbursements described in the corresponding Construction Disbursement Request or Advance Disbursement Request (provided that the conditions set forth in Section 7.1 shall have previously been satisfied) from the Construction Disbursement Account to the Disbursed Funds Account:
(a) The Disbursement Agent shall have received a Construction Disbursement Request or Advance Disbursement Request pertaining to the amounts requested for disbursement; and
(b) The Trustee shall not have provided the Disbursement Agent notice that a Default or Event of Default has occurred and remains continuing.
Conditions to Subsequent Disbursements. 12 3.3 Conditions for the Benefit of the Lender ..................... 13 3.4 Failure of Conditions ........................................ 13
Conditions to Subsequent Disbursements. The City’s obligations hereunder to make any subsequent Disbursements with respect to the Horizontal Infrastructure Improvements, the Vertical Infrastructure Improvements and Live! Component are conditioned upon City’s receipt of the following, each in form and substance reasonably satisfactory to the City:
(a) Supporting Documentation;
(b) Disbursement Request - Public Costs, together with all required Evidence that Developer has obtained all Governmental Approvals or, after construction has commenced, a satisfactory inspection report with respect to the applicable portions of the Project from Construction Inspector, which shall be delivered by Construction Inspector with the applicable Disbursement Request - Public Costs; and
(c) An updated Budget (showing the amount of money spent or incurred to date on particular items and the remaining costs for the portions of the Horizontal Infrastructure Improvements, the Vertical Infrastructure Improvements and Live! Component under construction).
(d) Additionally, prior to any Disbursement hereunder for the Public Costs of construction of the Horizontal Infrastructure Improvements, the Vertical Infrastructure Improvements and/or the Live! Component, the City must be satisfied that all necessary approvals from governmental or quasi-governmental authorities (including without limitation the St. Xxxxx River Water Management District and FDEP) having jurisdiction over the Project, including but not limited to street openings or closings, zonings and use and occupancy permits, sewer permits, stormwater drainage permits, and environmental permits and approvals (the “Governmental Approvals”), have been obtained for the applicable portion of the Horizontal Infrastructure Improvements, the Vertical Infrastructure Improvements and/or the Live! Component under construction, and are or will be final, unappealed, and unappealable, and remain in full force and effect without restriction or modification.
Conditions to Subsequent Disbursements. The obligation of the Lender to make the proceeds of the Loans available on each Disbursement Date shall be subject to the satisfaction (or written waiver) of the following conditions in a manner satisfactory to the Lender:Delivery of Disbursement Request. The Lender shall have received a duly completed and fully executed Disbursement Request not more than twenty (20) or fewer than three (3) days prior to the applicable Disbursement Date.
Conditions to Subsequent Disbursements. On or before each subsequent Disbursement, the following conditions shall be met or have been complied with to the satisfaction of Ontario:
Conditions to Subsequent Disbursements. 16 7.3 Advance Disbursements...............................................................................17 7.4 Disbursements After Event of Default................................................................17 7.5 Final Disbursement of Funds Following Operating Date................................................18
Conditions to Subsequent Disbursements. The obligation of Lender to make any Subsequent Disbursement under the Loan is subject to the satisfaction of the following additional conditions precedent as of the requested funding date of any such Subsequent Disbursement:
Conditions to Subsequent Disbursements. The obligation of the Lender to make each subsequent Advance is subject to the satisfaction as of the Subsequent Disbursement Date of the following conditions precedent:
(a) The representations and warranties of the Borrower contained in this Agreement shall be true and correct at and as of the Subsequent Disbursement Date as though then made and the Borrower shall have performed all covenants required to be performed by it as of the Subsequent Disbursement Date;
(b) No Potential Blockage Event or Blockage Event shall exist;
(c) The Borrower shall have delivered to the Lender all of the following documents:
(i) A Disbursement Request executed by the Borrower complying in all respects with Section 1.1(b);
(ii) Evidence that this Agreement has been properly filed for registration or registered with the Central Bank of the Republic of Bolivia;
(iii) Copies of all duly executed powers of attorney registered with the pertinent Commercial Registry, if applicable, and evidence of all other Borrower and Shareholders actions authorizing the making of the Advance requested by the Lender;
(iv) Updated cash flow projections for the Borrower for a minimum period of no less than thirteen (13) weeks after the relevant date;
(v) An updated summary of existing cash balances of the Borrower, including the most recent bank statements summarizing all amounts on deposit in the New York Accounts and the Bolivian Accounts;
(vi) updated summaries and breakdowns of Borrower’s overhead costs in form and substance acceptable to the Lender;
(vii) an updated forecast of the Borrower’s purchase orders and the materials stock report;
(viii) an updated detailed summary of the Borrower’s accounts payable; and
(ix) Such other information, approvals or documents as Lender may reasonably request.
