Disbursements from the Project Fund Sample Clauses

Disbursements from the Project Fund. Disbursements from the Project Fund shall be made only to reimburse or pay the Company, or any Person designated by the Company, for the following Project Costs: (a) Costs incurred directly or indirectly for or in connection with the acquisition, construction, equipping, installation or improvement of the Projects, including but not limited to those costs incurred for preliminary planning and studies, architectural, legal, engineering and supervisory services, labor, services, materials, acquisition, construction and installation, recording of documents and title work relating to the Project Site. (b) Premiums attributable to all insurance required to be taken out and maintained during the Construction Period with respect to the Projects and the premium on each surety bond, if any, required with respect to work on the Projects. (c) Taxes, assessments, interest on the Bonds and other charges in respect of the Projects that may become due and payable during the Construction Period for the Projects. (d) Costs incurred directly or indirectly in seeking to enforce any remedy against any contractor or subcontractor in respect of any default under any contract relating to the Projects. (e) Financial, legal, accounting, appraisal, printing and engraving fees, charges and expenses, title insurance premiums, if any, and all other such fees, charges and expenses incurred in connection with the authorization, sale, issuance and delivery of the Bonds and the preparation and delivery of the Agreement, the Indenture and other related documents. (f) Fees and expenses of the Trustee, Authenticating Agent, Paying Agent and Registrar (as such terms are defined in the Indenture), including reasonable counsel fees and expenses, properly incurred under the Indenture that may become due and payable during the Construction Period, including the initial or acceptance fee of the Trustee. (g) Any other incidental and necessary costs including without limitation any expenses, fees and charges relating to the acquisition, construction or installation of the Projects. (h) Payments made to the Rebate Fund. (i) Any other expense permissible, in the opinion of Bond Counsel, under the Act. Any disbursements from the Project Fund for the payment of Project Costs shall be made by the Trustee only upon the written order of the Authorized Company Representative. Each such written order shall be in the form of the disbursement request attached hereto as Exhibit B and shall be consecutively numb...

Disbursements from the Project Fund. The Issuer has, in the Indenture, authorized and directed the Trustee to make disbursements from the Project Fund to pay the Costs of the Project, or to reimburse the Company for any Cost of the Project paid by the Company. Except with respect to payment of Issuance Costs on the date of issuance of the Bonds, the Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a Requisition.

Disbursements from the Project Fund. Whenever the Borrower desires to obtain a disbursement of funds from the Project Fund, the Borrower shall submit to the Trustee a signed Disbursement Request (approved by the HUD Mortgagee) in the form attached as Exhibit B between the Borrower and the Issuer with respect to the Bonds, in addition to the Draw Request submitted to the HUD Mortgagee pursuant to Subsection (a) above, at least two (2) Business Days prior to the date on which the requested disbursement is to be made ("Disbursement Date"). On or before each Disbursement Date, Trustee shall confirm to HUD Mortgagee, and Tax Credit Investor compliance with the terms and conditions of the Section 6 of the Indenture and Section 3.03-3.04 of the Loan Agreement by the Borrower, and upon receipt of the related Collateral Payment(s) by the Trustee, the Trustee shall disburse from the Project Fund, the amount of the requested disbursement in accordance with the Disbursement Request. If the Trustee has received the required Collateral Payments but the other conditions for the disbursement of the corresponding amount of Bond Proceeds from the Project Fund set forth in Section 6 of the Indenture and Section 3.03-3.04 of the Loan Agreement have not been fully satisfied, the Trustee shall not disburse such Bond Proceeds and shall promptly disburse the Collateral Payments deposited for such Disbursement Request within 5 days following receipt to the HUD Mortgagee upon its request with written notice thereof to Tax Credit Investor of any corresponding returned Collateral Payments. Disbursements by the Trustee from the Project Fund shall be made in accordance with the applicable Disbursement Request.

Disbursements from the Project Fund. The Issuer will in the Indenture authorize and direct the Trustee to use the moneys in the Project Fund for the following purposes but, subject to the provisions of Section 4.8, for no other purposes: (a) payment of interest prior to the Completion Date, payment to the Company and to the Issuer, as the case may be, of such amounts, if any, as shall be necessary to reimburse either of them in full for all advances and payments made by either of them prior to or after the delivery of the Bonds for expenditures in connection with clearing the Leased Land, site improvement, the preparation of the Plans and Specifications (including any preliminary study or planning of the Project or any aspect thereof), the construction of the Project, the acquisition and installation of the Leased Equipment and the acquisition, construction and installation necessary to provide utility services or other facilities including trackage to connect the Project with public transportation facilities, and all real or personal properties deemed necessary in connection with the Project, or any one or more of said expenditures (including architectural, engineering and supervisory services) with respect to any of the foregoing; provided, however, that in no event shall moneys be disbursed from the Project Fund to reimburse the City for any advances or payments made by the City in connection with site preparation on the Leased Land undertaken pursuant to any obligation of the City to make said site improvements. (b) payment of, or reimbursement of the Company and the Issuer for, Issuance Costs, but in any event not more than two percent (2.0%) of the face amount of the Bonds shall be used for such purposes as provided by the Code; (c) payment of, or reimbursement of the Company for, labor, services, material, supplies and/or equipment used or furnished in site improvement and in the construction of the Project, all as provided in the Plans and Specifications, payment for the cost of the acquisition and installation of the Leased Equipment, payment for the cost of acquisition, construction and installation of utility services or other facilities including trackage to connect the Project with public transportation facilities, and all real and personal properties deemed necessary in connection with the Project and payment for the miscellaneous expenses incidental to any of the foregoing; (d) payment of, or reimbursement of the Company for, the fees, if any, for architectural, engineering and...

Disbursements from the Project Fund. (a) The Company shall construct and equip any rebuilding, replacement, repair or restoration of the Prior Project or cause the same to be constructed and equipped, and to that end will enter into contracts providing for completion of all work, improvements and personal property included in such rebuilding, replacement, repair or restoration of the Prior Project. Payments shall be made by the Trustee under the Indenture for the Costs of construction, and all such payments shall be made at the times, to the persons, subject to the conditions and in accordance with the procedures set forth in the Indenture. The proceeds of any Bonds which are deposited in the Project Fund shall be expended only for the Cost of construction or for payment of such Bonds as provided in the Indenture. No part of the Authority’s funds for any rebuilding, replacement, repair or restoration of the Prior Project shall be subject to attachment or levy in the suit of any creditor of the Company or any agent, manufacturer, supplier, contractor or subcontractor. (b) The Company shall cause any rebuilding, replacement, repair or restoration of the Prior Project to be undertaken and completed in all material respects in compliance with all present and future laws, acts, rules, regulations, orders and requirements made and applicable thereto. In connection with any rebuilding, replacement, repair or restoration of the Prior Project, the Company further agrees that: (i) it has entered into or shall enter into the Construction Contracts as it deems necessary or advisable for any acquisition, installation, equipping, constructing, renovations and conversions relating to such Project; and (ii) it shall cause such Project to be completed in accordance with the Construction Contracts, if any, therefor and shall enforce all such Construction Contracts in a commercially reasonable manner. (c) The Company further agrees that it shall not permit or consent to any material amendments, modifications, supplements, changes and deletions (“Change Order”) relating to the rebuilding, replacement, repair or restoration of the Prior Project which are included in the Construction Contracts or any estimate, schedule or plans and specifications therefor (collectively, the “amendments”) if such Change Order will adversely affect the exclusion of interest on the Bonds from gross income for federal income tax purposes or the Project from qualifying as an “authorized project” under the Act. (d) The Company further a...

Disbursements from the Project Fund. (a) In the Indenture, the Issuer has authorized and directed the Trustee to make disbursements from the Project Fund as required by this Agreement. Disbursement of the entire $5,000,000 of proceeds from the sale of the Series J Bonds shall be made from the Series J Account to refund the Series I Bonds, upon receipt by the Trustee of a requisition signed by a Company Representative stating with respect to such disbursement to be made: (1) that it is requisition no. 1; (2) that payment is to be made to the Trustee of the Series I Bonds; (3) that the amount to be paid is $5,000,000; and (4) that on the date thereof there has not occurred any act which, with the giving of notice or passage of time, or both, would constitute a Default. (b) The Company further agrees that as a condition precedent to the disbursement from the Project Fund on the Closing Date of the entire proceeds of the Series J Bonds to be used to refund the Series I Bonds, there shall be furnished to the Trustee, in writing, unless waived by the Purchaser, the following: (1) evidence of fee and mortgage title insurance, in form and substance satisfactory to the Issuer; (2) proof that the insurance required to be maintained pursuant to Section 5.4 is in full force and effect and that all premiums have been paid; (3) proof of flood insurance as required in Section 5.4(c); (4) verification evidencing that all permits, consents, approvals and agreements required by all governmental boards and bureaus have been secured and remain in full force and effect; (5) such evidence as the Issuer or the Trustee may require to demonstrate exemption from or compliance with all applicable building, zoning, health and safety laws, ordinances and regulations; and (6) such other additional documents, financing statements, affidavits or certificates of the Company or any other person or entity as the Issuer or the Trustee may reasonably request. (c) The Company hereby agrees that it shall pay all costs incurred by the Company or the Trustee in making such disbursement from the Project Fund. In making any such disbursements from the Project Fund, the Trustee may conclusively rely on such requisitions and other documents delivered to it and the Trustee shall be relieved of all liability with respect to the making of such disbursements if made in accordance with the foregoing.

Disbursements from the Project Fund. Pursuant to the Indenture, the Trustee shall issue its checks or drafts for each disbursement of money from the Project Fund only pursuant to a disbursement request submitted by the Lessee Representative in substantially the form attached hereto as Schedule F in payment or reimbursement of Costs of Construction provided for herein. So long as no event of nonappropriation as provided in Section 3.3(c) or event of default shall occur, and so long as the right of the Lessee to direct the renovation, construction and equipping of the Facilities has not otherwise been terminated pursuant to the last sentence of Section 4.1 of this Lease, the Trustee, at the written direction of the Lessee, acting on behalf of the Lessor, shall disburse monies from the Project Fund in payment of Costs of Construction for the Facilities. Such disbursements shall be made upon receipt by the Trustee of a requisition signed by the Lessee Representative (i) stating with respect to each payment to be made: (a) the requisition number, (b) the name and address of the person, firm or corporation to whom payment is due or has been made, (c) the amount to be paid or reimbursed, (d) that each obligation mentioned therein has been properly incurred, is a proper charge against the Project Fund and has not been the basis of any previous withdrawal, (e) that no event of nonappropriation as provided in Section 3.3(c) or event of default has occurred and the right of the Lessee to direct the renovation, construction, improvement and equipping of the Facilities has not otherwise been terminated, and (f) that the disbursement requested will be used for a Cost of Construction with respect to the Facilities; (ii) specifying in reasonable detail the nature of the obligation; and

Disbursements from the Project Fund. The moneys in the Project Fund shall be disbursed by the Trustee for the payment of, or reimbursement to the Developer (or any other party that has made payment on behalf of the Developer) for payment of, Project Costs upon receipt of requisition certificates signed by the Developer in accordance with the provisions of Article IV of the Lease. The Trustee hereby covenants and agrees to disburse such moneys in accordance with such provisions.

Disbursements from the Project Fund. The Authority shall pay the Costs of the Project by checks or wire transfers by making disbursements from the Project Fund or other payments from the proceeds of the Series 2023 Bond as otherwise provided in the Bond Resolution. Such disbursements shall be made only upon the execution and filing with the Authority of a requisition signed by an authorized representative of the Authority (the “Authority Representative”) stating (i) the requisition number, (ii) the name and address of the person, firm or corporation (which may include the City or the Authority) to whom payment is due or was made, (iii) the amount paid or to be paid, (iv) that none of the items for which the payment is proposed to be made has formed the basis for any payment theretofore made from the Project Fund, and (v) that each item for which payment is proposed to be made is a proper charge against the Project Fund in accordance with the provisions of the Bond Resolution and this Contract.

Disbursements from the Project Fund. The Issuer has, in the Indenture, authorized and directed the Trustee to disburse the Series J Bond proceeds on the Closing Date from the Series J Account within the Project Fund to refund the Series I Bonds. The Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a Requisition and the other documents required by Section 5.1 of this Agreement.