Common use of Disbursements from the Project Fund Clause in Contracts

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. Pursuant to In the Indenture, the Authority has authorized and directed the Trustee to make disbursements first from the Bond Proceeds in the Project Fund and thereafter from the Equity Account in the Project Fund for the Project or to reimburse the Borrower for any costs and expenses of the Project paid by it. Amounts in the Project Fund shall issue its checks or drafts be disbursed only after delivery to the Trustee of the following: (a) A completed Requisition Form signed by an Authorized Borrower Representative. (b) Prior to the first disbursement from the Bond Proceeds Account of the Project Fund for each disbursement payment of money a Construction Contract, either (i) a Certificate of an Authorized Borrower Representative stating that for purposes of the Prevailing Wage Provision and the Affirmative Action Program none of the moneys disbursed at any time from the Project Fund only pursuant will be used to pay for work done in performance of any Construction Contract unless prior thereto there shall be submitted to the Authority a disbursement request submitted Contractor’s Certificate and Agreement or (ii) a Contractor’s Certificate and Agreement executed by the Lessee Representative Contractor; and prior to the initial disbursement from the Bond Proceeds Account of the Project Fund for any work done in substantially the form attached hereto as Schedule F performance of any Construction Contract, if not theretofore furnished, a Contractor’s Certificate and Agreement from the Contractor under such Construction Contract. If the Authority’s Office of Affirmative Action shall notify the Borrower in writing that the Contractor or a Subcontractor, if any, has not complied with the requirements of the Affirmative Action Program, there shall be retained in the Project Fund a holdback (a “Holdback”) equal to ten per centum (10%) of each sum requisitioned for payment or reimbursement for payment of Costs of a Construction provided Contract with such Contractor or Subcontractor 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 purposes of the Lessee to direct Affirmative Action Program after receipt of such written notice from the renovationAuthority, construction and equipping provided, however, if any such requisitioned sum is for reimbursement of a payment by the Borrower, which payment itself was for only ninety per centum (90%) of the Facilities has not otherwise been terminated payment requested by the Contractor or Subcontractor pursuant to such Construction Contract then such requisitioned sum may be reimbursed without regard to the last sentence of Section 4.1 aforementioned Holdback but the remaining ten per centum (10%), when requisitioned by the Borrower, shall only be disbursed as if it had been held back initially in the Project Fund and such disbursement thereof shall be subject to all the terms and conditions of this Lease, the Trustee, at the written direction of the Lessee, acting on behalf of the Lessor, Section related to Holdbacks. Said Holdback shall disburse monies be disbursed from the Project Fund in payment upon compliance with the terms and conditions of Costs this Section and either: (A) after completion of Construction for the Facilities. Such disbursements shall be made upon Project (1) the execution and filing of the Contractor’s Completion Certificate; (2) the execution and filing of the Borrower’s Completion Certificate; and (3) receipt by the Trustee Borrower of a requisition signed written notice issued by the Lessee Representative (i) stating Authority’s Office of Affirmative Action that the Contractor and Subcontractors, if any, have complied with respect to each payment to be made: (a) the requisition number, (b) the name and address requirements of the personAffirmative Action Program; or (B) prior to completion of the Project, firm or corporation receipt by the Borrower of a written notice issued by the Authority’s Office of Affirmative Action that the Contractor and Subcontractor, if any, have complied with the requirements of the Affirmative Action Program. Such additional documents, affidavits, certificates and opinions as the Authority may reasonably require; but the Authority shall have no obligation to whom payment require any such additional items. The Authority is due or has been made, (c) hereby granted a security interest in the amount to be paid or reimbursed, (d) that each obligation mentioned therein has been properly incurred, is a proper charge against amounts on deposit in the Project Fund and has not been as security for the basis payment of any previous withdrawalthe Bonds; however, (e) that notwithstanding such security interest, as long as there exists no event Event of nonappropriation as provided Default, the Borrower shall have the right to require disbursement from the Project Fund, to the extent of amounts then in the Project Fund, upon compliance with the procedures set forth in this Section 3.3(c) or event 302. Upon an Event of default has occurred Default and the right acceleration of the Lessee to direct the renovation, construction, improvement and equipping obligations of the Facilities has not otherwise been terminatedBorrower hereunder, and (f) that the disbursement requested will be used for a Cost of Construction with respect Trustee shall apply any amounts on deposit in the Project Fund to the Facilities; (ii) specifying in reasonable detail the nature prepayment of the obligation; principal of and interest on the Loan, and, hence, to the payment of the Bonds, in accordance with Article IX of the Indenture.

Disbursements from the Project Fund. Pursuant { TC \l2 "Section 3.4 Disbursements From the Project Fund"} Subject to the Indentureprovisions below, the Trustee shall issue its checks or drafts for each disbursement of money disbursements from the Project Fund shall be made only to pay Project Costs. Disbursements from the Project Fund shall be made at the direction of the Borrower unless (i) all Loan Payments that are then due have not been paid, and (ii) an Event of Default hereunder has occurred and is continuing for which the principal amount of the Bonds has been declared to be immediately due and payable pursuant to a disbursement request submitted Section 7.2 hereof and Section 7.03 of the Indenture. Disbursements from the Project Fund shall be made by the Lessee Representative Trustee only as permitted pursuant to Section 5.03 of the Indenture and upon compliance with the following conditions and pursuant to the following procedures: (i) The receipt by the Trustee of notice and instruction of a completed certificate regarding disbursement (a “Disbursement Request”) in substantially the form attached hereto as Schedule F Exhibit B, signed by an Authorized Borrower Representative and approved by the FHA Lender, providing the amount of the disbursement request (a “Disbursement Amount”) and the expected date of disbursement (a “Disbursement Date”). (ii) Receipt by the Trustee of an executed Certificate of the Borrower substantially in payment the form attached hereto as Exhibit E related to the deposit of Available Moneys into the Collateral Fund for the applicable Disbursement Request. T-27864.004/1136074.docx (iii) Promptly upon receipt of a fully executed Disbursement Request and Certificate of the Borrower, the Trustee shall confirm in writing to the FHA Lender that Available Moneys in the Collateral Fund plus Available Moneys in the Project Fund are at least equal to the then-outstanding principal amount of the Bonds. (iv) Upon receipt of confirmation from the Trustee of the matters described in clause (iii) above and on or reimbursement before the Disbursement Date, the FHA Lender (A) will deliver to the Trustee an executed Certificate of Costs the FHA Lender substantially in the form attached hereto as Exhibit D and (B) will transfer to the Trustee, by immediately available funds, Available Moneys equal to the Disbursement Amount for deposit into the Collateral Fund. (v) Upon receipt by the Trustee from the FHA Lender of Construction provided for herein. So long as no event of nonappropriation the Available Moneys in an amount equal to the Disbursement Amount, such Available Moneys shall be deposited into the Collateral Fund as provided in Section 3.3(c) or event of default shall occur, and so long as the right 5.12 of the Lessee to direct Indenture. In the renovation, construction and equipping event that the amount of the Facilities has Available Moneys received by the Trustee does not otherwise been terminated pursuant equal the amount of the Disbursement Request, the Trustee shall promptly return such Available Moneys to the last sentence FHA Lender. (vi) Upon satisfaction of Section 4.1 of this Leasethe conditions set forth in clauses (i) through (v) above, the Trustee, at the written direction of the Lessee, acting on behalf of the Lessor, Trustee shall be unconditionally and irrevocably obligated to disburse monies funds from the Project Fund in payment of Costs of Construction for accordance with the FacilitiesDisbursement Request. Such disbursements The Trustee shall be made upon receipt by disburse funds from the Project Fund in accordance with the instructions contained in the Disbursement Request (A) on the same Business Day that it receives the Available Moneys in the event the Trustee of a requisition signed by receives the Lessee Representative (i) stating Available Moneys with respect to each payment such Disbursement Request prior to be made: 10:30 AM on such Business Day or (aB) on the requisition number, (b) next succeeding Business Day if the name and address of Trustee receives 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; andAvailable Moneys after 10:30

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 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 renovationacquisition, 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; andand (iii) accompanied by a bill, invoice or statement of account for such obligation. The Trustee shall not disburse any funds from the Project Fund, except upon receipt of such requisition. The Lessee shall submit to the Trustee 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 (30) days of payment to the party entitled thereto. Upon the occurrence of an event of nonappropriation as provided in Section 3.3(c) or an event of default prior to the Completion Date, the 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 may deem appropriate in the best interests of the Bondholders.

Disbursements from the Project Fund. Pursuant { TC \l2 "Section 3.4 Disbursements From the Project Fund"} Subject to the Indentureprovisions below, the Trustee shall issue its checks or drafts for each disbursement of money disbursements from the Project Fund shall be made only to pay Project Costs. Disbursements from the Project Fund shall be made at the direction of the Borrower unless (i) all Loan Payments that are then due have not been paid, and (ii) an Event of Default hereunder has occurred and is continuing for which the principal amount of the Bonds has been declared to be immediately due and payable pursuant to a disbursement request submitted Section 7.2 hereof and Section 7.03 of the Indenture. Disbursements from the Project Fund shall be made by the Lessee Representative Trustee only as permitted pursuant to Section 5.03 of the Indenture and upon compliance with the following conditions and pursuant to the following procedures: (i) The receipt by the Trustee of notice and instruction of a completed certificate regarding disbursement (a “Disbursement Request”) in substantially the form attached hereto as Schedule F Exhibit B, signed by an Authorized Borrower Representative and approved by the FHA Lender, providing the amount of the disbursement request (a “Disbursement Amount”) and the expected date of disbursement (a “Disbursement Date”). (ii) Receipt by the Trustee of an executed Certificate of the Borrower substantially in payment the form attached hereto as Exhibit E related to the deposit of Available Moneys into the Collateral Fund for the applicable Disbursement Request. T-27864.004/1135802.docx (iii) Promptly upon receipt of a fully executed Disbursement Request and Certificate of the Borrower, the Trustee shall confirm in writing to the FHA Lender that Available Moneys in the Collateral Fund plus Available Moneys in the Project Fund are at least equal to the then-outstanding principal amount of the Bonds. (iv) Upon receipt of confirmation from the Trustee of the matters described in clause (iii) above and on or reimbursement before the Disbursement Date, the FHA Lender (A) will deliver to the Trustee an executed Certificate of Costs the FHA Lender substantially in the form attached hereto as Exhibit D and (B) will transfer to the Trustee, by immediately available funds, Available Moneys equal to the Disbursement Amount for deposit into the Collateral Fund. (v) Upon receipt by the Trustee from the FHA Lender of Construction provided for herein. So long as no event of nonappropriation the Available Moneys in an amount equal to the Disbursement Amount, such Available Moneys shall be deposited into the Collateral Fund as provided in Section 3.3(c) or event of default shall occur, and so long as the right 5.12 of the Lessee to direct Indenture. In the renovation, construction and equipping event that the amount of the Facilities has Available Moneys received by the Trustee does not otherwise been terminated pursuant equal the amount of the Disbursement Request, the Trustee shall promptly return such Available Moneys to the last sentence FHA Lender. (vi) Upon satisfaction of Section 4.1 of this Leasethe conditions set forth in clauses (i) through (v) above, the Trustee, at the written direction of the Lessee, acting on behalf of the Lessor, Trustee shall be unconditionally and irrevocably obligated to disburse monies funds from the Project Fund in payment of Costs of Construction for accordance with the FacilitiesDisbursement Request. Such disbursements The Trustee shall be made upon receipt by disburse funds from the Project Fund in accordance with the instructions contained in the Disbursement Request (A) on the same Business Day that it receives the Available Moneys in the event the Trustee of a requisition signed by receives the Lessee Representative (i) stating Available Moneys with respect to each payment such Disbursement Request prior to be made: 10:30 AM on such Business Day or (aB) on the requisition number, (b) next succeeding Business Day if the name and address of Trustee receives 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; andAvailable Moneys after 10:30