Disbursements from the Account. The Fiscal Sponsor will disburse funds from the Account as instructed in writing by an authorized representative of the Sponsored Organization, using the form provided in Schedule D and only as authorized by this agreement. Disbursements will be restricted to the support and implementation of the Project only. Obligations of the Sponsored Organization
Disbursements from the Account. As the City incurs costs for the implementation of the Financing, the City shall disburse from the Account the sums required to pay those costs. The City Manager of the City shall have sole discretion as to the disbursement of the funds, limited only to the provisions of this Agreement.
Disbursements from the Account. In the event Agent does not receive written instructions from the Issuer and Primary to release funds from the Account on or prior to the termination of the Account Period, Agent shall terminate Account and make a full and prompt return of funds so that refunds are made to each Subscriber in the exact amount received from said Subscriber, without deduction, penalty, or expense to Subscriber. Upon Agent receiving cleared funds from the Offering prior to the termination of the Offering and written instruction from Issuer and Primary (generally via notification in the application programming interface (“API”)), Agent shall, pursuant to those instructions, distribute funds from such Account or Reserve Account pursuant to the instructions of Issuer and Primary. Issuer and Primary acknowledge that there is a 24 -hour (one business day) processing time once a request has been received to move cleared funds from the Account. Agent is hereby directed to remit such funds as directed by Issuer and Primary directly to the appropriate parties, if any, to which they are due. Net proceeds (meaning gross proceeds less amounts remitted pursuant to Issuer’s and Primary’s instructions to brokers and other parties, and minus interest earned or accumulated in the Account) will then be remitted to Issuer as described above. Interest earned or accumulated in the Account shall be retained by the Agent or distributed to Subscribers as set forth in item 6 below.
Disbursements from the Account. (a) From and after February 1, 2004, and only after all Monthly Installments have been paid in full pursuant to Section 2(b) above (as same may be adjusted pursuant to the terms of Section 4 below) though except as provided in Section 3(c) below, the Reserve Funds shall be made available to Senior Borrower to pay the Wacker Reimbursement Obligations (thereafter due and owxxx xx Citadel), it being understood and agreed that the Wacker Reimbursement Obligations shall mean the gross axxxxx owing by Citadel on a monthly basis to the Wacker Landlord under the Wacker Lease LESS the aggregxxx xx all revenues actually xxxxived by Citadel in respect of Approved Subleases (as hereinafter defined) (the "Rental Income"). Reserve Funds shall be made available to Senior Borrower for payment of the Wacker Reimbursement Obligations upon the satisfactxxx xx those conditions set forth in Section 3(b) below. In addition to the foregoing (and the provisions of Section 3(c) below), from and after February 1, 2004, and only after all Monthly Installments have been paid full pursuant to Section 2(b) above (as same may be adjusted pursuant to the terms of Section 4 below), the Reserve Funds shall be made available to Senior Borrower for the purposes set forth in Section 3(c)(i), (ii), (iii), and (iv) below (subject to satisfaction of the conditions to disbursement set forth in Section 3(c) below).
Disbursements from the Account. (a) The Account shall be under the sole dominion and control of the Lender, and the Cash Management Bank shall, without the further consent of the Borrower, comply with all written instructions received from the Lender with respect thereto, including, without limitation, instructions that amounts be disbursed therefrom to other accounts specified by the Lender (it being agreed by Lender, for the benefit of the Borrower, that such written instructions shall at all times be in conformance with the provisions of the Loan Agreement). The Lender may from time to time, on three Business Days’ prior written notice to the Cash Management Bank and without the further consent of the Borrower, change any written instructions provided by Lender to the Cash Management Bank (it being agreed by the Lender, for the benefit of the Borrower, that the Lender shall only exercise such right in accordance with the terms of the Loan Agreement), and the Cash Management Bank is hereby irrevocably instructed by the parties to comply with such notice or instruction. The Cash Management Bank hereby agrees to deliver written notice of any deficiency in the RKB Cash Management Account (relative to any Disbursement Instruction (as hereinafter defined)) to the Lender and the Borrower within three Business Days prior to any applicable disbursement date specified in a Disbursement Instruction, but the Borrower agrees that failure of the Cash Management Bank to deliver such notice shall not in any way alter the obligations of the Borrower under the Loan Agreement.
Disbursements from the Account. In the event Agent does not receive written instructions from the Issuer and WRH+Co to release funds from the Account on or prior to the termination of the Account Period, Agent shall terminate Account and make a full and prompt return of funds so that refunds are made to each Subscriber in the exact amount received from said Subscriber, without deduction, penalty, or expense to Subscriber. In the event Agent receives cleared funds for the Minimum Amount of the Offering prior to the termination of the Holding Period and Agent receives a written instruction from Issuer and WRH+Co (generally via notification in the application programming interface (“API”)), Agent shall, pursuant to those instructions, distribute funds from such Separate Account pursuant to the instructions of Issuer. Issuer and WRH+Co acknowledge that there is a 24 -hour (one business day) processing time once a request has been received to move funds from the Account. Issuer’s and WRH+Co’s written instructions to Agent shall certify that all conditions set forth in the Offering Statement for release of funds have been met for a closing of the Offering and include a schedule of deductions from the Account for any funds for management and offering and selling expenses from the gross proceeds of the Account prior to remitting such funds, if and when due, to Issuer. Agent is hereby directed to remit such funds as directed by Issuer directly to the appropriate parties, if any, to which they are due. Net proceeds (meaning gross proceeds less amounts remitted pursuant to Issuer’s instructions to brokers and other parties, and minus interest earned or accumulated in the Account) will then be remitted to Issuer as described above. Interest earned or accumulated in the Account shall be retained by the Agent or distributed to Subscribers as set forth in item 6 below.
