Disbursement Conditions. (a) Pursuant to the ISA, the Corporation has appointed the City as its agent to request funds from time to time under this Agreement and the City has accepted such appointment and assumed all rights, liabilities, duties and responsibilities of the Corporation under this Agreement regarding the requisition of funds from time to time under this Agreement. Subject to Section 4(d) below, proceeds shall be disbursed under this Agreement solely in respect of Eligible Project Costs paid or incurred and approved for payment by or on behalf of the City in connection with the Project and in consideration for the assignment by the Corporation of its interests in the ISA pursuant to the Assignment Agreement. If the City intends to utilize the disbursed proceeds to make progress payments for Project construction work performed under the Principal Project Contracts, the City shall demonstrate to the satisfaction of the WIFIA Credit Provider that such progress payments are commensurate with the value of the work that has been completed. Each disbursement of available amounts under this Agreement shall be made pursuant to a requisition and certification (a “Requisition”) in the form set forth in Appendix One (Form of Requisition) to Exhibit D (Requisition Procedures), along with all documentation and other information required thereby, submitted by the City to, and approved by, the WIFIA Credit Provider, all in accordance with the procedures of Exhibit D (Requisition Procedures) and subject to the requirements of this Section 4 and the conditions set forth in Section 11(b) (Conditions Precedent – Conditions Precedent to Disbursements); provided, that no disbursements of proceeds under this Agreement shall be made prior to the End of the Validation Period nor after the Final Disbursement Date.
Disbursement Conditions. (a) TIFIA Loan proceeds shall be disbursed solely in respect of Eligible Project Costs, which costs have been previously paid or incurred by or on behalf of the Borrower in connection with the Project. If the Borrower intends to utilize the TIFIA Loan proceeds to make progress payments for the Project construction work performed under the Construction Agreements, the Borrower shall demonstrate to the satisfaction of the TIFIA Lender that such progress payments are commensurate with the value of the work that has been completed. Each disbursement of the TIFIA Loan shall be made pursuant to a requisition and certification (a “Requisition”) in the form set forth in Appendix One to Exhibit C, along with all documentation and other information required thereby, submitted by the Borrower to, and approved by, the TIFIA Lender, all in accordance with the procedures of Exhibit C and subject to the requirements of this Section 4 and the conditions set forth in Section 10(b); provided, however, that no disbursements of TIFIA Loan proceeds shall be made on or after the date that is one (1) year after the Substantial Completion Date of the Project.
Disbursement Conditions. Borrower fails to satisfy any material condition for the receipt of the disbursement of the Holdback for Interest Reserve, or to resolve the situation to Lender’s satisfaction, for a period in excess of ninety (90) days after written notice from Lender.
Disbursement Conditions. 10.1. Disbursement from RWI can only be made during the validity period of the Agreement, unless otherwise agreed. A pre-condition for disbursements is that the Implementing Partner adheres to the conditions in the Agreement.
Disbursement Conditions. Lender may, at Lender’s option, condition disbursement of any insurance proceeds or Condemnation Proceeds in excess of the Restoration Threshold on Lender’s approval of plans and specifications of an independent architect licensed in the state in which the Properties are located, having at least five (5) years of experience as an architect and reasonably satisfactory to Lender (an “Approved Architect”), any and all material contractors, subcontractors and materialmen engaged in the Restoration and the contracts and subcontracts under which they have been engaged, contractor’s cost estimates, architect’s certificates, waivers of liens, sworn statements of mechanics and materialmen and such other evidence of costs, percentage completion of construction, application of payments, and satisfaction of liens as Lender may reasonably require. Lender shall not be obligated to disburse insurance proceeds or Condemnation Proceeds more frequently than once every calendar month. If insurance proceeds or Condemnation Proceeds are applied to the payment of the Obligations, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly payments due under the Note or otherwise under the Loan Documents, or change the amounts of such payments. Any amount of insurance proceeds remaining in Lender’s possession after full and final payment and discharge of all Obligations shall be refunded to Borrowers or otherwise paid in accordance with applicable law. If any Individual Property is sold at foreclosure or if Lender acquires title to such Individual Property, Lender shall have all of the right, title and interest of Borrowers in and to any insurance policies and unearned premiums thereon and in and to the proceeds resulting from any damage to such Individual Property prior to such sale or acquisition, and to any Condemnation Proceeds.
Disbursement Conditions. (a) TIFIA Loan proceeds shall be disbursed solely in respect of Eligible Project Costs paid or incurred by or on behalf of the Borrower in connection with the Project, and proceeds from the initial disbursement of the TIFIA Loan shall be used to pay or redeem the TAMC Loan in full. If the Borrower intends to utilize the TIFIA Loan proceeds to make progress payments for the Project construction work performed under the Construction-Related Contracts, the Borrower shall demonstrate to the satisfaction of the TIFIA Lender that such progress payments are commensurate with the value of the work that has been completed. Each disbursement of the TIFIA Loan shall be made pursuant to a requisition and certification (a “Requisition”) in the form set forth in Appendix One to Exhibit D, along with all documentation and other information required thereby, submitted by the Borrower to, and approved by, the TIFIA Lender, all in accordance with the procedures of Exhibit D and subject to the requirements of this Section 4 (Disbursement Conditions) and the conditions set forth in Section 12(b) (Conditions Precedent to All Disbursements); provided, however, that no disbursements of TIFIA Loan proceeds shall be made on or after the date that is one (1) year after the Substantial Completion Date.
Disbursement Conditions. 38 4.1 Conditions Precedent to Initial Advance.....................38 4.1.1 Other Debt and Encumbrances.................................38 4.1.2 Financial Information.......................................38
Disbursement Conditions. Where this Security Instrument provides that the “Disbursement Conditions” shall be satisfied, the same are as follows: (i) no Event of Default shall have occurred and continue without cure, (ii) Borrower shall provide to Lender a draw request on Lender’s standard form, together with such documentation and certifications as Lender may reasonably request, (iii) Borrower shall provide Lender with all invoices, receipts, lien waivers and other documentation of lawful and workmanlike progress or completion and lien-free status, all as may be reasonably requested by Lender, (iv) Borrower shall provide Lender such evidence as may be reasonably satisfactory to Lender that, after payment of the requested disbursement, the funds remaining in the applicable Reserve (together with deposits that are required to be made therein, if applicable) shall be sufficient to pay for the remainder of the work for which the Reserve was established, (v) Lender shall have completed such field inspections as it deems necessary, and Borrower shall pay any actual, out-of-pocket costs and AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT - Page 12 43412-20/Continental Towers expenses incurred by Lender in connection with the same, (vi) disbursements from each Reserve shall be requested no more frequently than once each month (except for the Tax and Insurance Impound Fund if Taxes and Insurance Premiums are due in the same month), and in the case of work to be performed and reimbursed pursuant to the Leasing Escrow Fund or the Replacement Escrow Fund, disbursement shall occur only after completion of the work except as provided in subsection 6(h) below, (vii) disbursement shall not be requested in amounts less than $1,000, and (viii) all documents and information provided under this provision shall be in form and substance satisfactory to Lender in its reasonable discretion.
Disbursement Conditions. 6 SECTION 5. Term .........................................................................................................................7 SECTION 6. Interest Rate .............................................................................................................7
Disbursement Conditions. A condition to each Disbursement shall be satisfactory progress on the M&E Plan for the relevant Project or Project Activity, and substantial compliance with the M&E Plan, including any reporting requirements. In addition, for certain activities, collection of baseline data may be a condition precedent for specified Disbursements.
