Disbursements from Acquisition Account. The Authority in the Resolution has authorized the Trustee to make payments from the Acquisition Account to pay the Authority's Facility Cost subject to this Lease, upon receipt of a requisition certificate signed by an authorized official of the Educational Institution or the State and approved by the Authority stating with respect to each payment to be made: (i) the requisition certificate number, (ii) the name and address of the person, firm or corporation to whom payment is due, (iii) a description of the Authority's Facility Cost covered by such requisition certificate and a statement that the payment is being made for a cost or expense properly chargeable to the Acquisition Account, (iv) the amount to be paid, (v) that each obligation mentioned therein is a proper charge against the Acquisition Account, and has not been the basis of any previous payment, (vi) that the cost to the Educational Institution or the State of the portion of the Facility covered by the requisition certificate is not less than the amount to be paid to the Educational Institution or the State thereunder, (vii) that all bills of sale necessary to vest title to the portion of the Facility covered by the requisition certificate in the Authority have been executed and delivered or assigned by the Educational Institution or the State to the Authority, (viii) that neither the Educational Institution nor the State is in default under this Lease and that nothing has occurred to the knowledge of the State or the Educational Institution which prevents the performance of the Educational Institution's or the State's obligations under this Lease, and (ix) that after the payment of such requisition the amount on deposit in the Acquisition Account together with other moneys to be available, including anticipated proceeds, if any, from the issuance of additional Authority Debt, will be sufficient to acquire the Facility. The Educational Institution shall also provide the Authority and the Trustee with the information identified in the Construction Agreement. The State and the Educational Institution shall permit the Authority, [the Agent] and the Trustee, upon request, to inspect the records of the State and the Educational Institution relating to the Authority's Facility Cost.
Disbursements from Acquisition Account. The portion of the proceeds of the sale and delivery of the 2024 Series C Bonds deposited into the 2024 Series C subaccount of the Acquisition Account pursuant to Section 4.1 hereof shall be applied to purchase (i) 2024 Series C Xxxxxx Xxx Certificates backed by 2024 Series C Mortgage Loans, (ii) up to 25,000,000 of 2024 Series C Governmental Mortgage Loans, and (iii) up to $5,000,000 of Second Mortgage Loans. Such 2024 Series C Xxxxxx Xxx Certificates shall be purchased on or after the Closing Date at a purchase price of par plus accrued interest thereon. The par amount of such 2024 Series C Xxxxxx Xxx Certificates shall be paid from the 2024 Series C subaccount of the Acquisition Account and any accrued interest on such 2024 Series C Xxxxxx Xxx Certificates shall be paid from the 2024 Series C subaccount of the Revenue Fund. The 2024 Series C Governmental Mortgage Loans and any Second Mortgage Loans shall be purchased at par and paid from the 2024 Series C subaccount of the Acquisition Account.
Disbursements from Acquisition Account. The portion of the proceeds of the sale and delivery of the 2024 Series D Bonds deposited into the 2024 Series D subaccount of the Acquisition Account pursuant to Section 4.1 hereof shall be applied to purchase (i) 2024 Series D Xxxxxx Xxx Certificates backed by 2024 Series D Mortgage Loans and (ii) up to $4,750,000 of Second Mortgage Loans. Such 2024 Series D Xxxxxx Xxx Certificates shall be purchased on or after the Closing Date at a purchase price of par plus accrued interest thereon. The par amount of such 2024 Series D Xxxxxx Xxx Certificates shall be paid from the 2024 Series D subaccount of the Acquisition Account and any accrued interest on such 2024 Series D Xxxxxx Xxx Certificates shall be paid from the 2024 Series D subaccount of the Revenue Fund. Any Second Mortgage Loans shall be purchased at par and paid from the 2024 Series D subaccount of the Acquisition Account.
Disbursements from Acquisition Account. The portion of the proceeds of the sale and delivery of the 2017 Series A Bonds deposited into the 2017 Series A subaccount of the Acquisition Account pursuant to Section 4.1 hereof and the other moneys deposited into the 2017 Series A subaccount and the 2017 Series B subaccount of the Acquisition Fund pursuant to Section 4.4 hereof shall be applied to purchase Xxxxxx Xxx Certificates backed by 2017 Series A Mortgage Loans or 2017 Series B Mortgage Loans, as the case may be. Such Xxxxxx Xxx Certificates shall be purchased on the Closing Date at a purchase price of par plus accrued interest thereon. The par amount of such Xxxxxx Xxx Certificates shall be paid from the 2017 Series A subaccount of the Acquisition Account or the 2017 Series B subaccount of the Acquisition Account, as applicable, and any accrued interest on such Xxxxxx Xxx Certificates shall be paid from the 2017 Series A subaccount of the Revenue Fund or the 2017 Series B subaccount of the Revenue Fund, as applicable.
Disbursements from Acquisition Account. The portion of the proceeds of the sale and delivery of the 2018 Series C Bonds deposited into the 2018 Series C subaccount of the Acquisition Account pursuant to Section 4.1 hereof shall be applied to purchase (i) Xxxxxx Xxx Certificates backed by 2018 Series C Mortgage Loans, and (ii) Second Mortgage Loans. Such Xxxxxx Xxx Certificates shall be purchased on or after the Closing Date at a purchase price of par plus accrued interest thereon. The par amount of such Xxxxxx Xxx Certificates shall be paid from the 2018 Series C subaccount of the Acquisition Account and any accrued interest on such Xxxxxx Xxx Certificates shall be paid from the 2018 Series C subaccount of the Revenue Fund.
Disbursements from Acquisition Account. The proceeds of the sale and delivery of the 2002 Series A Tax-Exempt Bonds deposited into the 2002 Series A subaccount of the Acquisition Account pursuant to Section 4.2 hereof shall be used to redeem the 1992A Bonds prior to maturity on May 1, 2002 and to pay at maturity or to redeem prior to maturity certain other outstanding obligations as provided in Sections 4.2 and 4.3 hereof and in the Funds Exchange Agreement. A portion of the proceeds of the sale and delivery of the 2002 Series A-1 Bonds and amounts received in exchange for a portion of the proceeds of the sale and delivery of the 2002 Series A Tax-Exempt Bonds and deposited into the 2002 Series A subaccount of the Acquisition Account pursuant to Section 4.1 and Section 4.2 hereof, respectively, shall be applied to make or purchase 2002 Series A Mortgage Loans. The 2002 Series A Mortgage Loans shall bear interest at such rate or rates and shall be purchased at such price or prices specified by the Authority as shall be consistent with the then current Cash Flow Statement and an Authority Certificate demonstrating that the 2002 Series A Class I Asset Requirement and the 2002 Series A Class II Asset Requirement will be met after taking into account such rate or rates and/or purchase price or prices.
Disbursements from Acquisition Account. The proceeds of the sale and delivery of the 2002 Series A Tax-Exempt Bonds deposited into the 2002 Series A subaccount of the Acquisition Account pursuant to Section 4.2 hereof shall be used to redeem the 1992A Bonds prior to maturity on May 1, 2002 and to pay at maturity or to redeem prior to maturity certain other outstanding obligations as provided in Sections 4.2 and 4.3 hereof and in the Funds Exchange Agreement. A portion of the proceeds of the sale and delivery of the 2002 Series A-1 Bonds and amounts received in exchange for a portion of the proceeds of the sale and delivery of the 2002 Series A Tax-Exempt Bonds and deposited into the 2002 Series A subaccount of the Acquisition Account pursuant to Section 4.1 and Section 4.2 hereof, respectively, shall be applied to make or purchase 2002 Series A Mortgage Loans. The 2002 Series A Mortgage Loans shall bear interest at such rate or rates and shall be purchased at such price or prices specified by the Authority as shall be consistent with the then current Cash Flow Statement and an Authority Certificate demonstrating that the 2002 Series A Class I Asset Requirement and the 2002 Series A Class II Asset Requirement will be met after taking into account such rate or rates and/or purchase price or prices.
