Disbursements of the Borrower’s Sources to the Borrower shall be made by the Trustee from the Project Fund and by the Bondholder Representative from all other of the Borrower’s Sources by deposit into a non interest bearing checking account to be maintained with the Bondholder Representative in the name of the Borrower (the “Disbursement Checking Account”) unless otherwise requested by the Borrower and consented to by the Bondholder Representative, such consent to be delivered in writing to the Trustee. Before the Bondholder Representative becomes obligated to consent to a Requisition of amounts in the Project Fund or to disburse any amounts in the Capital Contribution Account to the extent on deposit with the Bondholder Representative, or to disbursed deposits of the Taxable Tail Loan (if any) must receive a written request signed by the Borrower or the Borrower’s agent designated in Section 7 of the Disbursement Schedule attached hereto as Schedule D, using a form acceptable to the Bondholder Representative (referred to and defined in Schedule D attached hereto the “Draw Request”), accompanied by such documentation and information as required by Schedule D attached hereto and as the Bondholder Representative may reasonably require (for funding’s from the Project Fund, such required documentation shall include a signed Requisition). In each Draw Request, the Borrower shall request disbursement for one or more specified line item(s) of the Budget. Without limiting the foregoing, each Draw Request shall be accompanied by lien waivers, on forms reasonably acceptable to the Bondholder Representative or the title insurer, from each subcontractor or material supplier paid with the proceeds of the immediately preceding Draw Request. The Bondholder Representative shall not be obligated to consent to a Requisition or to disburse amounts in the Capital Contribution Account as requested in any Draw Request, earlier than ten (10) days after receipt of a complete supporting package and satisfaction of the items listed in Schedule D attached hereto. If the Bondholder Representative approves a Requisition, the Bondholder Representative will then submit the Requisition to the Trustee. In the event the Draw Request is approved and the funds from Borrower’s Sources are disbursed into the Disbursement Checking Account, the Borrower shall promptly then pay the appropriate parties with the proceeds of the amounts in the Disbursement Checking Account unless otherwise requested by the Borrower and consented to by the Bo...
