Common use of Disbursements from the Project Fund Clause in Contracts

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. Whenever So long as no Event of Nonappropriation or Event of Default shall occur, and so long as the Borrower desires District's right to obtain a disbursement control the acquisition of funds the Acquisition Project has not otherwise been terminated pursuant to Section 7.1 hereof, the Trustee shall, at the direction of the District, disburse moneys from the Project FundFund in payment of Costs of the Project. Such disbursements shall be made upon receipt by the Trustee of a requisition signed by the District Representative in substantially the form set forth in Exhibit D hereto. No disbursement shall be made from the Project Fund to pay or reimburse any payments due under a Project Contract related to any motor vehicle that comprises a portion of the Acquisition Project unless either: (i) the District Representative certifies that the Project Contract is fully and freely assumable by the Trustee in accordance with the provisions of Section 7.4 hereof, or (ii) the payment or reimbursement requested under any such Project Contract is for a motor vehicle or motor vehicles that have already been accepted by the District and titled in the name of the Corporation. The Trustee shall have no duty to review or examine any accompanying bill, invoice or statement of account, but may conclusively rely on the properly executed disbursement request. If an Event of Nonappropriation or an Event of Default shall occur prior to completion of the acquisition of all of the Acquisition Project, the Borrower shall submit to Project Fund may be utilized by the Trustee a signed Disbursement Request (approved by to complete the HUD Mortgagee) acquisition of the remaining Acquisition Project, as provided in Section 7.4 hereof, or may be disbursed as provided in Sections 4.2 and 4.3 of the Indenture, as the Trustee may deem appropriate 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 best interests of the Section 6 Owners. Under the Indenture, the Corporation has authorized and directed the Trustee to disburse moneys from the Project Fund to pay Costs of the Indenture Project as provided herein. The District hereby consents and Section 3.03-3.04 of the Loan Agreement by the Borrower, and upon receipt of the related Collateral Payment(s) agrees to such disbursements by the Trustee. The Trustee shall keep and maintain adequate records pertaining to the Project Fund and all disbursements therefrom as reasonably directed by the District, and after the acquisition of all of the Acquisition Project has been completed and the certificate as to payment of costs has been filed with the Trustee as provided in Section 7.3 hereof, the Trustee shall disburse from the Project Fund, the amount of the requested disbursement in accordance file an accounting thereof 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 RequestDistrict.

Disbursements from the Project Fund. Whenever the Borrower desires In order to obtain a disbursement of funds from amounts in the Project FundBond Proceeds Sub-Account, the Borrower shall submit a separate Bond Proceeds Withdrawal Certificate to the Bond Trustee a signed Disbursement Request (approved and shall request the certificate of the Independent Engineer as required below. Upon review and execution, the Bond Trustee shall submit the Bond Proceeds Withdrawal Certificate to the Administrative Agent and the Independent Engineer to authorize and direct the withdrawal of the amount set forth in the Bond Proceeds Withdrawal Certificate by the HUD Mortgagee) Accounts Bank, from the Bond Proceeds Sub-Account. If there are insufficient funds in the form attached Bond Proceeds Sub-Account, the Bond Trustee may, so long as Exhibit B between all requirements for disbursement from the Bond Proceeds Sub-Account have been met, disburse moneys on deposit in the Project Fund in order to pay the Costs of the Project set forth in such Bond Proceeds Withdrawal Certificate. The Bond Trustee may not disburse amounts in the Project Fund required to pay interest for other Costs of the Project. To the extent that the Borrower leases from third parties or otherwise provides equipment for the Project from sources other than funds on deposit in the Project Fund or the Bond Proceeds Sub-Account, the costs thereof shall not be included in the costs referred to above. In addition, on December 25, 2007 and on June 25, 2008, the Issuer Bond Trustee shall transfer from the Project Fund to the Interest Fund the amount of capitalized interest set forth on Exhibit C hereto with respect to the Bondsapplicable Interest Payment Date, in addition which transferred amount shall be applied to pay interest on the Draw Request submitted to Series 2007A Bonds on the HUD Mortgagee applicable Interest Payment Date pursuant to Subsection (a) above, at least two (2) Business Days prior Section 4.3 hereof. The amount of $1,136,437.50 shall be reserved for and used solely to pay interest on the date Series 2007A Bonds. Investment earning on which the requested disbursement is such amount may be used 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 pay other Costs 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 under the disbursement of the corresponding amount of Bond Proceeds from the Project Fund procedures 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.above

Disbursements from the Project Fund. Whenever Pursuant to the Borrower desires Indenture, the Trustee shall issue its checks or drafts for each disbursement of money from the Project Fund only pursuant to obtain 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 acquisition, 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 acquisition, 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 (iii) accompanied by a bill, invoice or statement of account for such obligation. The Trustee shall not disburse any funds from the Project Fund, the Borrower except upon receipt of such requisition. The Lessee shall submit to the Trustee a signed Disbursement Request releases of lien rights covering work done and/or materials furnished in connection with the acquisition, renovation, construction or equipping of the Facilities within thirty (approved by the HUD Mortgagee30) in the form attached as Exhibit B between the Borrower and the Issuer with respect days of payment to the Bonds, party entitled thereto. Upon the occurrence of an event of nonappropriation as provided in addition to the Draw Request submitted to the HUD Mortgagee pursuant to Subsection (aSection 3.3(c) above, at least two (2) Business Days or an event of default prior to the date on which the requested disbursement is to be made ("Disbursement Date"). On or before each Disbursement Completion 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) Project Fund may be utilized by the Trustee, on behalf of the Lessor as ground lessor, to complete the Facilities as provided in Section 4.5 hereof, or, upon termination of the Lease Term, may be disbursed as provided in Section 4.04(c) of the Indenture, as the Trustee shall disburse from may deem appropriate in the Project Fund, the amount best interests 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 RequestBondholders.