Common use of Disbursements from the Project Fund Clause in Contracts

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 agrees during the term of the Construction Contract to maintain or cause the contractor or its subcontractors to maintain reasonable and customary insurance coverage for any rebuilding, replacement, repair or restoration of the Prior Project. To the extent construction is not complete, the Company shall request the contractor or its subcontractor to name the Authority as an additional insured under each such policy. (e) The Company shall with all reasonable dispatch proceed to construct any rebuilding, replacement, repair or restoration of the Prior Project and will use reasonable efforts to cause construction of any rebuilding, replacement, repair or restoration of the Prior Project to be completed on or before a date certain. Completion shall be evidenced by the Company’s Completion Certificate which shall comply with the requirements of Section 6.06 of the Indenture; provided that failure to complete any rebuilding, replacement, repair or restoration of the Prior Project by such date shall not constitute a Default hereunder if the Company shall have used reasonable efforts.

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 AuthorityIssuer’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 Prior Project from qualifying as an a “authorized project” under the Act. (d) The Company further agrees during the term of the Construction Contract to maintain or cause the contractor or its subcontractors to maintain reasonable and customary insurance coverage for any rebuilding, replacement, repair or restoration of the Prior Project. To the extent construction is not complete, the Company shall request the contractor or its subcontractor to name the Authority Issuer as an additional insured under each such policy. (e) The Company shall with all reasonable dispatch proceed to construct any rebuilding, replacement, repair or restoration of the Prior Project and will use reasonable efforts to cause construction of any rebuilding, replacement, repair or restoration of the Prior Project to be completed on or before a date certain. Completion shall be evidenced by the Company’s Completion Certificate which shall comply with the requirements of Section 6.06 of the Indenture; provided that failure to complete any rebuilding, replacement, repair or restoration of the Prior Project by such date shall not constitute a Default hereunder if the Company shall have used reasonable efforts.

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 agrees during the term of the Construction Contract to maintain or cause the contractor or its subcontractors to maintain reasonable and customary insurance coverage for any rebuilding, replacement, repair or restoration of the Prior Project. To the extent construction is not complete, the Company shall request the contractor or its subcontractor to name the Authority as an additional insured under each such policy. (e) The Company shall with all reasonable dispatch proceed to construct any rebuilding, replacement, repair or restoration of the Prior Project and will use reasonable efforts to cause construction of any rebuilding, replacement, repair or restoration of the Prior Project to be completed on or before a date certain. Completion shall be evidenced by the Company’s Completion Certificate which shall comply with the requirements of Section 6.06 of the Indenture; provided that failure to complete any rebuilding, replacement, repair or restoration of the Prior Project by such date shall not constitute a Default hereunder if the Company shall have used reasonable efforts.