Disbursement of Bond Proceeds Sample Clauses

Disbursement of Bond Proceeds. The Bond Indenture shall require that all disbursements of bond proceeds to the Developer be approved by an authorized representative of the City in order to confirm the expenses are for the development of public Infrastructure Improvements and Building B2 as approved in Exhibit N to the MDA, specifically Xxxxxxxxxx Plan #24. As such, the following paragraph is added to Section I. b). 8. at page 13, following line 13 (with the new language capitalized):
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Disbursement of Bond Proceeds. The proceeds of the Bonds will be deposited in the Construction Fund created under the Indenture and disbursed only in accordance with the terms of the Indenture and upon approval by the Bank of all requisitions for disbursement. Prior to the Bank granting approval to a requisition from the Construction Fund, the following conditions must be met: (a) The Company shall have furnished to the Bank a complete set of plans and specifications for the Project, to the extent the same are available. (b) The Company shall have secured and delivered to the Bank, at the Company's expense, lien waivers or other assurances from the Company's contractor, architect, engineer and all subcontractors, materialmen, laborers, or others, including all parties who have served notices to owner, sufficient to assure that the rights of all contractors, subcontractors, architects, engineers, surveyors, sub-subcontractors and materialmen performing any work in connection with the portion of the Project as to which payment of a requisition is requested, or furnishing any services, labor or materials thereto shall be subordinate and inferior to the Mortgage. (c) There shall exist no Default or Event of Default under this Agreement, and the Company shall not be in default in any material respect under any other instrument with respect to any indebtedness or obligations owing to the Bank. (d) There shall be no eminent domain or other government or judicial action or proceeding, of any nature, pending or threatened against the Project or any part thereof. (e) The Bank shall have received the following documents and materials relating to the Project which shall be satisfactory in substance and in form to the Bank: (1) copies of all permits necessary for construction of the Project pursuant to the plans and specifications, including any necessary building permits for the Project; (2) copies of all construction contracts relating to the Project of all lienors in privity with the Company or HEICO. (3) Back-up documentation for the requisition, including invoices for soft costs and equipment and, if applicable, for hard construction costs; (4) If requisition covers material pieces of equipment, it must be accompanied by individual invoices and lists of equipment being purchased; (5) Unless otherwise waived by the Bank, each requisition for equipment or other personalty shall be accompanied by UCC-1 financing statements naming the Company as debtor and the Bank and the Trustee as secured partie...
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Disbursement of Bond Proceeds. In order to provide funds for paying the Costs of the Projects, the Authority, as soon as practicable after the execution of this Agreement, will proceed to issue, sell and deliver the Bonds to the purchasers thereof and will deposit the proceeds thereof as provided by Section 4.1 of the Indenture with the Trustee for disbursement in accordance with the provisions of the Indenture.
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Disbursement of Bond Proceeds. On the Release Date a portion of the Bond proceeds determined by the Borrower and approved by the Purchaser shall be deposited into the Initial Leverage Loan QSCB Account and a portion of the Bond proceeds determined by the Borrower and approved by the Purchaser shall be deposited into the Building 6.1
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Disbursement of Bond Proceeds. (a) On the Closing Date, the Bank, as disbursing agent, will advance the proceeds of the sale of the Bonds for disbursement and payment of the Project Costs.
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Disbursement of Bond Proceeds. The Purchaser shall establish and hold the proceeds of the Series 2021A Bonds in a fund – the ‘Nassau County Local Economic Assistance Corporation Project Fund – Portledge School Project’ hereinafter referred to as the “Project Fund” and shall disburse same therefrom as provided in this Article IV. The Project Fund shall be held, maintained and administered by the Purchaser on behalf of the Issuer in accordance with the terms of this Article IV. $5,210,000.00 constituting all of the proceeds of the Series 2021A Bonds proceeds shall be deposited in the Project Fund, provided that in satisfaction of this requirement, all or a portion of such amount may be directly deposited by the Purchaser as of the date hereof into a title escrow to be applied for the payment of Project Costs provided that additional amounts may be directly deposited by the Purchaser as of the date hereof into a title escrow to be applied for the payment of Project Costs. (a) The Institution agrees to use Bond Proceeds (i) only as provided in Section 4.02 hereof, and (ii) in accordance with its covenants respecting the use of the Bond Proceeds contained in the Tax Compliance Agreement; and as set forth in Requisition No. 1 included in the transcript of proceedings for the Series 2021A Bonds. (b) As security for the obligations of the Institution under this Bond Purchase Agreement and for the Institution's obligation with respect to the Bonds issued under the Bond Purchase Agreement, the Institution and the Issuer hereby pledge, assign, hypothecate, transfer and deliver to the Purchaser, and hereby grant to the Purchaser a security interest in, all right, title and interest, whether now owned or at any time hereafter acquired, of the Institution and the Issuer in and to the Project Fund and the Reconstruction Fund. The Institution is authorized to complete one or more financing statements, including continuation statements with respect to such security interest and to file the same in any appropriate office or place to the extent permitted by law. A carbon, photographic or other reproduction of the financing statement prepared in conjunction herewith is sufficient as a financing statement.
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Disbursement of Bond Proceeds. Notwithstanding anything to the contrary set forth herein, during an Event of Default, the City may withhold disbursement of Bond Proceeds or any portion thereof.
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Disbursement of Bond Proceeds 
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Related to Disbursement of Bond Proceeds

  • Disbursement of Proceeds In the event Tenant is required to restore any Property pursuant to Section 10.2 and this Agreement is not terminated as to such Property pursuant to this Article 10, Tenant shall commence (or cause to be commenced) promptly and continue diligently to perform (or cause to be performed) the repair and restoration of such Property (hereinafter called the “Work”), so as to restore (or cause to be restored) the applicable Property in material compliance with all Legal Requirements and so that such Property shall be, to the extent practicable, substantially equivalent in value and general utility to its general utility and value immediately prior to such damage or destruction. Subject to the terms hereof, Landlord shall advance the insurance proceeds and any additional amounts payable by Landlord pursuant to Section 10.2.3 or otherwise deposited with Landlord to Tenant regularly during the repair and restoration period so as to permit payment for the cost of any such restoration and repair. Any such advances shall be made not more than monthly within ten (10) Business Days after Tenant submits to Landlord a written requisition and substantiation therefor on AIA Forms G702 and G703 (or on such other form or forms as may be reasonably acceptable to Landlord). Landlord may, at its option, condition advancement of such insurance proceeds and other amounts on (a) the absence of any Event of Default, (b) its approval of plans and specifications of an architect satisfactory to Landlord (which approval shall not be unreasonably withheld, delayed or conditioned), (c) general contractors’ estimates, (d) architect’s certificates, (e) conditional lien waivers of general contractors, if available, (f) evidence of approval by all governmental authorities and other regulatory bodies whose approval is required, (g), if Tenant has elected to advance deficiency funds pursuant to Section 10.2.3, Tenant depositing the amount thereof with Landlord and (h) such other certificates as Landlord may, from time to time, reasonably require. Landlord’s obligation to disburse insurance proceeds under this Article 10 shall be subject to the release of such proceeds by any Facility Mortgagee to Landlord. Tenant’s obligation to restore the applicable Property pursuant to this Article 10 shall be subject to the release of available insurance proceeds by the applicable Facility Mortgagee to Landlord or directly to Tenant and, in the event such proceeds are insufficient, Landlord electing to make such deficiency available therefor (and disbursement of such deficiency).

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any). (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender's disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds $100,000, (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender's judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $5,000.00.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Investment of Proceeds Prior to the application of the proceeds of the Transaction Security in accordance with Clause 31.1 (Order of Application) the Security Agent may, at its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent or Agent with any financial institution (including itself) and for so long as the Security Agent thinks fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Security Agent’s discretion in accordance with the provisions of this Clause 31.2.

  • Payment of Proceeds Borrower shall forthwith upon receipt of all proceeds of Collateral, pay such proceeds (insurance or otherwise) over to Lender for application against the Obligations in such order and manner as Lender may elect.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.

  • Full Disbursement of Proceeds The Mortgage Loan has been closed and the proceeds of the Mortgage Loan have been fully disbursed and there is no requirement for future advances thereunder, and any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage;

  • Disbursements from the Escrow Account a. At such time as Escrow Agent has collected and deposited instruments of payment in the total amount of the Advance and has received such Common Stock via D.W.A.C from the Company which are to be issued to the Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent shall notify the Company and the Investor. The Escrow Agent will continue to hold such funds until the Investor and Company execute and deliver a Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company. In disbursing such funds, Escrow Agent is authorized to rely upon such Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Investor that Escrow Agent already has on file. Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company shall execute and deliver a Common Stock Joint Written Direction to the Escrow Agent directing the Escrow Agent to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock the Escrow Agent is authorized to rely upon such Common Stock Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Escrow Agent has on file. In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

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