DISBURSEMENTS FROM THE PROJECT FUND AND THE COSTS OF ISSUANCE FUND. The Borrower will authorize and direct the Trustee, upon compliance with Section 3.03 of the Indenture, to disburse the moneys in the Project Fund to or on behalf of the Borrower only for payment of Costs of the Project. Each of the payments from the Project Fund referred to in this Section shall be made upon receipt by the Trustee of a written Requisition in the form prescribed by Section 3.03 of the Indenture, signed by the Authorized Representative of the Borrower accompanied by the written approval of the Bank. Moneys in the Costs of Issuance Fund shall be disbursed by the Trustee as provided in Section 3.03(e) of the Indenture to pay Costs of Issuance.
DISBURSEMENTS FROM THE PROJECT FUND AND THE COSTS OF ISSUANCE FUND.
(a) The Issuer has authorized and directed the Trustee to make payments from the Costs of Issuance Fund in accordance with the Budget to pay the costs of issuing the Bonds (subject to the limitations of Section 2.3(r) hereof in order that such representation is correct and the terms of Section 3.4 hereof), and to reimburse the Borrower for any of the foregoing paid or incurred by the Borrower before or after the execution and delivery of this Agreement and the issuance and delivery of the Bonds in accordance with the requirements of Section 5.9 of the Indenture, and the Bondholder Representative has consented to the Trustee’s making of such payments by acknowledging a written Requisition upon the satisfaction of the applicable conditions listed in Schedule D attached hereto and Section 4.7 of this Agreement and the limitations relating to the 95% rule as represented in Section 2.3(r) hereof.
(b) The balance of the Bond proceeds shall be disbursed by the Trustee only in accordance with the Indenture, including delivery of a written Requisition by the Borrower satisfying the requirements of Section 5.2 of the Indenture and approved in writing by the Bondholder Representative, which approval of the Bondholder Representative will be granted upon satisfaction of the conditions and performance of the covenants and conditions set forth in this Agreement.
(c) The Bondholder Representative shall consent to Requisitions of amounts in the Project Fund for costs of the Project based on the Budget and the further terms and conditions of this Agreement (including Schedule D attached hereto and Section 4.7 hereof). If the Borrower cannot complete the Project in strict conformity with the most recently approved Budget, the Borrower shall promptly submit to the Bondholder Representative for its approval a revised Budget in the same format as the Budget. The Bondholder Representative need not make further disbursements unless and until it approves the revised Budget, which approval shall not be unreasonably withheld, conditioned, or delayed.
(d) In addition to the items required in the attached Schedule D (the “Disbursement Schedule”), the Borrower shall have provided to the Bondholder Representative all items in Section 4.7(b) hereof for a disbursement of the applicable Borrower’s Sources to be funded (each a “Disbursement” and collectively, “Disbursements”).
(e) In no event shall the Bondholder Representative be required to approve disbursements from Borrower’s Sources ...
