Common use of Disbursement of Loan Proceeds Clause in Contracts

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.

Disbursement of Loan Proceeds. (a) The Trustee, as the agent of the Trust, State shall disburse Federal Funds earmarked for the amounts on deposit in the Project Loan Account to the Borrower upon receipt in accordance with the terms hereof. Before each and every disbursement of the proceeds of the Loan by the State to the Borrower, the Borrower shall in accordance with the procedures set forth in the Regulations submit to the State 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 State shall not be required under any obligation to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of Loan Closing shall have occurred on the Trust Bonds date established therefor by the State; (ii) there shall be available for disbursementFederal Funds from time to time to fund the Loan, as determined solely by the TrustState; (iiiii) in accordance with the Bond “New Jersey Environmental Infrastructure Trust Act”, P.L. 1985, c. 334, as amended (N.J.S.A. 58:11B-1 et seq.), 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 Trust 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 TrustState, plus the amount of: (i) capitalized interest during the Project construction period, if any, (ii) the cost of funding reserve capacity for the Project, if any, and (iii) certain issuance expenses related thereto, including, if applicable, a municipal bond insurance policy premium; (iiiiv) 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 Trust 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 Trust Loan; and (ivv) 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.

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 "Wastewater Treatment Bond ActAct of 1985", P.L. 1985, c. 329, as amended, 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 Regulationsregulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed covered 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 cost 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 cost 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.

Disbursement of Loan Proceeds. (a) The Trustee, as the agent of the Trust, State shall disburse Federal Funds earmarked for the amounts on deposit in the Project Loan Account to the Borrower upon receipt in accordance with the terms hereof. Before each and every disbursement of the proceeds of the Loan by the State to the Borrower, the Borrower shall in accordance with the procedures set forth in the Regulations submit to the State 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 State shall not be required under any obligation to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of Loan Closing shall have occurred on the Trust Bonds date established therefor by the State; (ii) there shall be Federal Funds available for disbursementfrom time to time to fund the Loan, as determined solely by the TrustState; (iiiii) in accordance with the Bond "New Jersey Environmental Infrastructure Trust Act", P.L. 1985, c. 334, as amended (N.J.S.A. 58:11B-1 et seq.), 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 Trust 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 TrustState, plus the amount of: (i) capitalized interest during the Project construction period, if any, (ii) the cost of funding reserve capacity for the Project, if any, as well as that portion of the Debt Service Reserve Fund (as defined in the Trust Loan Agreement) (to the extent the Trust establishes a Debt Service Reserve Fund pursuant to the Bond Resolution) attributable to the cost of funding such reserve capacity for the Project, and (iii) certain issuance expenses related thereto, including, if applicable, a municipal bond insurance policy premium; (iiiiv) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs cost of the Project that is not eligible to be funded from the Fund Loan or the Trust Loan, or (B) that portion of the total Costs cost 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 Trust Loan; and (ivv) 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.

Disbursement of Loan Proceeds. (a) The Trustee, as the agent of the TrustI-Bank, shall disburse the amounts on deposit in the Project Loan Account to the Borrower (i) upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the TrustI-Bank, in a form meeting satisfying the requirements of Section 5.02(3) of the Bond ResolutionIndenture, and (ii) subject to the schedule limitations set forth in subsection (c) of this Section 3.02. (b) The Trust I-Bank and the Trustee shall not be required to disburse any Loan proceeds to the Borrower under pursuant to this Loan Agreement, unless: (i) the proceeds of the Trust I-Bank Bonds shall be available for disbursement, as determined solely by the TrustI-Bank in its sole and absolute discretion; (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 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 TrustProject; (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 any outstanding Construction Financing Program Loan, or and/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 TrustI-Bank, respectively, for the Fund Loan and the Loan and any outstanding Construction Financing Program 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. (c) Notwithstanding any provision of this Loan Agreement to the contrary, the I-Bank and the Trustee shall not disburse Loan proceeds to the Borrower from the Project Loan Account pursuant to the provisions of this Section 3.02 at any time on or after the Project Loan Account Disbursement Deadline, and, as of such date, any Loan proceeds that remain on deposit in the Project Loan Account shall no longer be available to the Borrower via the disbursement procedures of this Section 3.02, but shall be disbursed only as provided in Section 3.03A hereof. (d) In connection with the disbursement of Loan proceeds to the Borrower from the Project Loan Account pursuant to the provisions of this Section 3.02, the Borrower shall comply with each of its covenant obligations pursuant to this Loan Agreement relating to such disbursement of Loan proceeds to the Borrower, as well as the use of such Loan proceeds by the Borrower.

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 "Wastewater Treatment Bond ActAct of 1985", P.L. 1985, c. 329, as amended, 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 Regulationsregulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed covered by the Loan from the Trust; (iii) the Borrower shall have on hand or otherwise available moneys to pay for the greater of (A) that portion of the total Costs cost 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 cost 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.

Disbursement of Loan Proceeds. (a) The Trustee, as the agent of the Trust, State shall disburse the amounts on deposit in the Project Loan Account Federal Funds to the Borrower (i) upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, Borrower in a form meeting satisfying the requirements of Section 5.02(3the Regulations, and (ii) subject to the schedule limitations set forth in subsection (c) of the Bond Resolutionthis Section 3.02. (b) The Trust and Trustee State shall not be required under any obligation to disburse any Loan proceeds to the Borrower under pursuant to this Loan Agreement, unless: (i) the proceeds of Loan Closing shall have occurred on the Trust Bonds date established therefor by the State; (ii) there shall be available Federal Funds for disbursement, as determined solely by the TrustState in its sole and absolute discretion; (iiiii) in accordance with the Bond “New Jersey Infrastructure Trust Act”, P.L. 1985, c. 334, as amended (N.J.S.A. 58:11B-1 et seq.), 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 an I-Bank Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project, plus the amount of: (A) capitalized interest during the Project in construction period, if any, (B) certain issuance expenses related thereto, and (C) if applicable, an amount not in excess of sufficient to pay the amount of Allowable Costs of the Project financed interest that accrued on any short-term loan by the Loan from I-Bank to the TrustBorrower; (iiiiv) 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 I-Bank Loan or any outstanding Construction Financing Program Loan, or and/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 TrustI-Bank, respectively, for the Fund Loan and the I-Bank Loan and any outstanding Construction Financing Program Loan; and (ivv) 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. (c) Notwithstanding any provision of this Loan Agreement to the contrary, the State shall not disburse Loan proceeds to the Borrower from the State Fund pursuant to the provisions of this Section 3.02 at any time on or after the State Fund Disbursement Deadline, and, as of such date, any Loan proceeds that remain on deposit in the State Fund shall no longer be available to the Borrower via the disbursement procedures of this Section 3.02, but shall be allocated only as provided in Section 3.03A hereof. (d) In connection with the disbursement of Loan proceeds to the Borrower from the State Fund pursuant to the provisions of this Section 3.02, the Borrower shall comply with each of its covenant obligations pursuant to this Loan Agreement relating to such disbursement of Loan proceeds to the Borrower, as well as the use of such Loan proceeds by the Borrower, including without limitation, the provisions of Section 2.02(h)(ii) hereof.

Disbursement of Loan Proceeds. (a) The Trustee, as the agent of the TrustI-Bank, shall disburse the amounts on deposit in the Project Loan Account to the Borrower (i) upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the TrustI-Bank, in a form meeting satisfying the requirements of Section 5.02(3) of the Bond ResolutionIndenture, and (ii) subject to the schedule limitations set forth in subsection (c) of this Section 3.02. (b) The Trust I-Bank and the Trustee shall not be required to disburse any Loan proceeds to the Borrower under pursuant to this Loan Agreement, unless: (i) the proceeds of the Trust I-Bank Bonds shall be available for disbursement, as determined solely by the TrustI-Bank in its sole and absolute discretion; (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 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 TrustProject; (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 any outstanding Construction Financing Program Loan, or and/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 TrustI-Bank, respectively, for the Fund Loan and the Loan and any outstanding Construction Financing Program 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. (c) Notwithstanding any provision of this Loan Agreement to the contrary, the I-Bank and the Trustee shall not disburse Loan proceeds to the Borrower from the Project Loan Account pursuant to the provisions of this Section 3.02 at any time on or after the Project Loan Account Disbursement Deadline, and, as of such date, any Loan proceeds that remain on deposit in the Project Loan Account shall no longer be available to the Borrower via the disbursement procedures of this Section 3.02, but shall be disbursed only as provided in Section 3.03A hereof. (d) In connection with the disbursement of Loan proceeds to the Borrower from the Project Loan Account pursuant to the provisions of this Section 3.02, the Borrower shall comply with each of its covenant obligations pursuant to this Loan Agreement relating to such disbursement of Loan proceeds to the Borrower, as well as the use of such Loan proceeds by the Borrower, including without limitation, the provisions of Section 2.02(h)(ii) hereof.