Disbursement for Prepayment Sample Clauses
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Disbursement for Prepayment. If the District Representative notifies the Trustee in writing of the District’s determination that the certification provided in Section 6.1(b)(i) hereof cannot be made or that replacement or repair of any portion of the Property is not economically feasible or in the best interest of the District, then the Trustee shall promptly transfer the Net Proceeds to the Prepayment Fund as provided in Section 7.02 of the Trust Agreement and apply them to prepayment of the Certificates as provided in Section 4.02 of the Trust Agreement and prepayment of Lease Payments as provided in Section 10.2 hereof; provided that in the event of damage or destruction in whole of the Property and in the event such Net Proceeds, together with funds then on hand in the Lease Payment Fund are not sufficient to prepay all the Certificates then Outstanding, then the District shall not be permitted to certify that repair, replacement or improvement of all of the Property is not economically feasible or in the best interest of the District. In such event, the District shall proceed to repair, replace or improve the Property as described herein from legally available funds in the then-current Fiscal Year and shall make the required notification to the Trustee pursuant to Section 7.02 of the Trust Agreement and the Trustee shall disburse moneys in the Net Proceeds Fund to the person, firm, or corporation named in the requisition as provided therein.
Disbursement for Prepayment. If the Authorized Representative of the City notifies the Trustee in writing of the City’s determination that the certification provided in Section 6.1(b)(i) hereof cannot be made or replacement or repair of any portion of the Property are not economically feasible or in the best interest of the City, then the City shall deposit with the Trustee (but solely to the extent of legally permitted funds) an amount which when combined with the Net Insurance Proceeds will prepay enough Lease Payments such that the fair rental value of the remaining portion of the Property are sufficient to pay the principal portions and interest portions due under the Lease Agreement after such Net Insurance Proceeds and such deposit by the City are applied to such prepayment. COVENANTS WITH RESPECT TO THE PROPERTY Use of the Property. The City represents and warrants that it has an immediate need for all of the Property, which need is not expected to be temporary or to diminish in the foreseeable future. Leasehold Interest in the Property.