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.
Appears in 2 contracts
Samples: Loan Agreement (NPR Inc), Loan Agreement (Sjit Inc)
Disbursements from the Project Fund. (a) In Subject to the Indentureprovisions of SECTION 805 hereof, the Issuer has authorized moneys in the Project Fund and directed the accounts contained therein shall be disbursed by the Trustee for the payment of Project Costs in accordance with the provisions of this SECTION 503, and the Trustee hereby covenants and agrees to make disbursements disburse such moneys in accordance with such provisions.
(b) The Trustee shall disburse moneys to pay for the construction and installation of the buildings, structures, facilities, additions and improvements constituting a part of the Improvements and any machinery, equipment and personal property constituting a part of the Improvements but solely from the Project Fund as required by this Agreement. Disbursement of and the entire $5,000,000 of proceeds accounts contained therein, from the sale of the Series J Bonds shall be made from the Series J Account time to refund the Series I Bondstime, upon receipt by the Trustee of a requisition certificate signed by a Company the Authorized Issuer Representative stating with respect to such disbursement and, except as otherwise provided in this subsection (b), Xxxxxxxx Construction Co., Inc. and approved by the Project Consultant in the form set forth in APPENDIX B hereto which is incorporated herein by reference. The Issuer agrees that the maximum amount of funds 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 disbursed from the Project Fund for Costs of Issuance (excluding the Placement Agent Fee) is $100,000 and the maximum amount for non-construction contract Project Costs disbursements from the Project Fund is $3,201,500. Any Costs of Issuance or non-construction contract project costs disbursement requests shall be made on the Closing Date of form set forth in APPENDIX B signed by the entire proceeds of Authorized Issuer Representative, but shall not require signatures from Xxxxxxxx Construction Co., Inc. or the Series J Bonds Project Consultant. The Trustee may rely fully on any such directions and shall not be required to be used to refund make any investigation in connection therewith, except that the Series I Bonds, there Trustee shall be furnished investigate requests for reimbursements made directly to the Trustee, in writing, unless waived by the Purchaser, the following:
(1) Issuer and shall require such supporting evidence of fee and mortgage title insurance, in form and substance satisfactory to the Issuer;
(2) proof that the insurance required to as would 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 a reasonable 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 requestprudent trustee.
(c) The Company hereby agrees that it Trustee 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 keep and maintain adequate records pertaining to the Project Fund, all accounts within the Trustee may conclusively rely on such requisitions Project Fund, and other documents delivered to it all disbursements therefrom, and after the Project has been completed and a certificate of payment of all costs filed as provided in SECTION 504 hereof, the Trustee shall be relieved file a statement of all liability receipts and disbursements with respect to the making of such disbursements if made in accordance thereto with the foregoingIssuer.
Appears in 1 contract
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 9,000,000 of proceeds from the sale of the Series J H Bonds shall be made from the Series J Account Project Fund to refund the Series I F 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 Meridian Bank, as issuer of the Letter of Credit with respect to the Series I F Bonds; (3) that the amount to be paid is $5,000,0009,000,000; (4) that each obligation mentioned therein has been properly incurred after May 24, 1983, is a proper charge, is unpaid or unreimbursed, and has not been the basis of any previous disbursement; and (45) 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 H Bonds to be used to refund the Series I F 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, the Purchasers and the Trustee;
(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 Issuer, the Purchaser 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 Issuer, the Purchaser 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.
Appears in 1 contract
Samples: Loan Agreement (Sjit Inc)
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 10,000,000 of proceeds from the sale of the Series J G Bonds shall be made from the Series J G Account to refund the 1986 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 1986 Series I Bonds; (3) that the amount to be paid is $5,000,00010,000,000; (4) that each obligation mentioned therein has been properly incurred after May 24, 1983, is a proper charge, is unpaid or unreimbursed, and has not been the basis of any previous disbursement; and (45) 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 G Bonds to be used to refund the 1986 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, the Purchasers and the Trustee;
(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 Issuer, the Purchaser 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 Issuer, the Purchaser 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.
Appears in 1 contract
Samples: Loan Agreement (Sjit Inc)
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 Project Fund to refund pay the Series I Costs of the Project, or to reimburse the Company for such Costs, and to pay Costs of Issuance of the Bonds, upon receipt by the Trustee of a requisition Requisition in the form attached hereto as Exhibit B signed by a Company Representative and, subject to the following sentence, acknowledged by an Issuer Representative and approved by the Construction Monitor, stating with respect to such disbursement to be made: (1) that it is the requisition no. 1number; (2) that payment is to be made to the Trustee Company to pay the Costs of the Series I Project and costs of issuance of the Bonds; (3) that the amount to be paid paid; (4) that each obligation mentioned therein has been properly incurred after July 15, 1995, is $5,000,000a proper charge, is unpaid or unreimbursed, and has not been the basis of any previous disbursement; and (45) 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 an Event of Default under the Indenture. Notwithstanding the foregoing sentence, a DefaultRequisition or Requisitions for the reimbursement of the costs of issuance associated with the Bonds in an amount not to exceed $99,500 in the aggregate shall not require the approval of the Construction Monitor.
(b) The Company further agrees that as a condition precedent to the first 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 BondsDate, 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 IssuerIssuer and the Purchasers;
(2) proof that the insurance required to be maintained pursuant to Section 5.4 7.4 is in full force and effect and that all premiums have been paid;
(3) proof of flood insurance as required in Section 5.4(c7.4 (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 Purchaser 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 Issuer, the Purchaser or the Trustee may reasonably request.
(c) The Company hereby agrees that it shall pay all costs incurred by the Company Company, the Issuer or the Trustee in making such disbursement disbursements 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.
Appears in 1 contract
Samples: Lease Agreement (Sjit Inc)
