Disbursements from Restricted Loan Subaccount. The Clare Gardens Apartments Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2020E Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s promissory note to the Authority. Upon deposit of a Construction Loan Advance into the Collateral Fund Subaccount from time to time, an amount equal to such corresponding deposit shall be disbursed by the Trustee from the Restricted Loan Subaccount for the purpose of paying costs of the Clare Gardens Housing Facility that are approved by the Construction Lender pursuant to the terms, conditions and provisions of the Construction Loan Agreement, the Bond Loan Agreement and the Intercreditor Agreement. Prior to making any such disbursement from the Restricted Loan Subaccount, the Trustee shall confirm that the sum of amounts that will be on deposit in the Restricted Loan Subaccount and the Collateral Fund Subaccount after the requested disbursement, plus the amount of 2020E Bond proceeds deposited to the 2020 Series E subaccount of the Debt Service Reserve Fund on the Closing Date, will at least equal the then Outstanding principal amount of the 2020E Bonds and, notwithstanding anything to the contrary contained in the Construction Loan Agreement, the Bond Loan Agreement or the Intercreditor Agreement, the Trustee shall not disburse money from the Restricted Loan Subaccount, unless and until Construction Loan Advances in an amount equal to or greater than the requested disbursement amount have been deposited in the Collateral Fund Subaccount. To the extent money on deposit in the Restricted Loan Subaccount is invested in Investment Securities that have not yet matured, the Trustee is hereby authorized to make the following sale and exchange, which sale and exchange shall occur prior to the disbursement of amounts on deposit in the Restricted Loan Subaccount to pay costs of the Clare Gardens Housing Facility without the need to sell or terminate such Investment Securities prior to their stated maturity date: (i) liquidate and sell all or a portion of the Investment Securities in the Restricted Loan Subaccount, in the amount specified in the request for disbursement, to the Collateral Fund Subaccount for a price of par and (ii) transfer a like amount of available funds from the Collateral Fund Subaccount to the Restricted Loan Subaccount representing a ratable portion of 2020E Bond proceeds as the purchase price thereof. Up...
Disbursements from Restricted Loan Subaccount. The tax-exempt portion of the Residences at Durango Risk Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2023D Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s Tax- Exempt Note (as defined in the Loan Agreement) to the Authority. Amounts on deposit in the 2023 Series D Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Residences at Durango Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the 2023 Series D Restricted Loan Subaccount complies with the terms, conditions and provisions of the Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Willow Park Risk Share Program Loan and the tax-exempt portion of the Willow Park Construction Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2024B Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s Risk Share Promissory Note (as defined in the Risk Share Program Loan Agreement) and the Borrower’s Tax-Exempt Note (as defined in the Construction Loan Agreement) to the Authority. Amounts on deposit in the 2024 Series B Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Willow Park Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the applicable Risk Share Program Loan Agreement or Construction Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the 2024 Series B Restricted Loan Subaccount complies with the terms, conditions and provisions of the applicable Risk Share Program Loan Agreement or Construction Loan Agreement.
Disbursements from Restricted Loan Subaccount. Amounts on deposit in the Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Denver Metro Village Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the Restricted Loan Subaccount complies with the terms, conditions and provisions of the Loan Agreement.
Disbursements from Restricted Loan Subaccount. Amounts on deposit in the Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the related Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the applicable Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the Restricted Loan Subaccount complies with the terms, conditions and provisions of such Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Arvada House Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2023A Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s promissory note to the Authority. Amounts on deposit in the Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Arvada House Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the Restricted Loan Subaccount complies with the terms, conditions and provisions of the Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Atlantis Apartments II Risk Share Program Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2021C Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s promissory note to the Authority. Amounts on deposit in the 2021 Series C Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Atlantis Apartments II Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the applicable Risk Share Program Loan Agreement or Subordinate Construction Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the 2021 Series C Restricted Loan Subaccount complies with the terms, conditions and provisions of the applicable Risk Share Program Loan Agreement or Subordinate Construction Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Atlantis Apartments II Subordinate Construction Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2021D Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s promissory note to the Authority. Amounts on deposit in the 2021 Series D Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Atlantis Apartments II Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Subordinate Construction Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the 2021 Series D Restricted Loan Subaccount complies with the terms, conditions and provisions of the Subordinate Construction Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Bentley Commons Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2023F Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s Note (as defined in the Loan Agreement) to the Authority. Amounts on deposit in the Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Bentley Commons Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the Restricted Loan Subaccount complies with the terms, conditions and provisions of the Loan Agreement.
Disbursements from Restricted Loan Subaccount. The Golden West Loan shall be considered to be fully disbursed upon deposit of the proceeds of the 2020A Bonds pursuant to Section 4.1 hereof for the purposes of computing the amount of interest due each month on the Borrower’s promissory note to the Authority. Amounts on deposit in the Restricted Loan Subaccount shall be disbursed from time to time by the Trustee for the purpose of paying costs of the Golden West Housing Facility that are approved by the Authority pursuant to the terms, conditions and provisions of the Loan Agreement. The Trustee shall have no duty to determine whether any requested disbursement from the Restricted Loan Subaccount complies with the terms, conditions and provisions of the Loan Agreement.
