Expenditure of Proceeds Sample Clauses

Expenditure of Proceeds. The City will expend proceeds of the Bonds received from the County for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Bond proceeds may be expended to pay, or reimburse the City for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
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Expenditure of Proceeds. Project Funds shall be used exclusively for the following purposes: (i) architectural, engineering, surveying, soil testing, and similar costs paid with respect to the Project incurred prior to the commencement of construction and in an aggregate amount not exceeding twenty percent (20%) of the Project Funds, (ii) capital expenditures relating to the Project originally paid by the Recipient on or after the date hereof, (iii) interest on the Obligation through the later of three (3) years after the Applicable Date or one (1) year after the Project is placed in service, and (iv) initial operating expenses directly associated with the Project in the aggregate amount not more than five percent (5%) of the Project Funds.
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Expenditure of Proceeds. The Bond Funded Portion of the Project Funds shall be used exclusively for the following purposes: (i) Reimbursement Expenditures (as defined in Section F.20 below), (ii) Preliminary Expenditures (as defined in Section F.20 below) in an aggregate amount not exceeding twenty percent (20%) of the Bond Funded Portion of the Project Funds, (iii) capital expenditures relating to the Project originally paid by the Recipient on or after the date hereof, (iv) interest on the Obligation through the later of three (3) years after the Applicable Date or one (1) year after the Project is placed in service, and (v) initial operating expenses directly associated with the Project in the aggregate amount not more than five percent (5%) of the Bond Funded Portion of the Project Funds.
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Expenditure of Proceeds. For purposes of this Tax Ccrti!icatc. Proceeds will be treated as spent when they are used to pay or reimburse disbursements by the Borrower that arc (a) capital expenditures relating to the Project. (b) costs of executing and delivering the Governmental Lender Note, (c) interest on the Funding Loan through the later of three years after the Closing Date or one year after the Project is placed in service. (d) initial operating expenses directly associated with the Project (in aggregate amount not exceeding 5% of the Sale Proceeds), or (e) other miscellaneous expenditures described in Treasury Regulations Section 1.148-6( d)(3 )(ii). Absent an Opinion of Counsel, all expenditures of Proceeds will be made in respect of (f) Preliminary Expenditures, (g) costs of executing and delivering the Governmental Lender Note, (h) other payments made by the Borrower on or alter the Closing Date, or (i) capital costs of the project paid on or after the date 60 days before the adoption of the Inducement Resolution. With respect to the expenditures described in (i) above, the Borrower acknowledges that any such expenditures must be reimbursed with proceeds of the Governmental Lender Note. if at aiL no later than three years after the date of the expenditure and no more than 18 months alter the portion of the Project to which such costs relate is placed in service. The Borrower expects to allocate $55J)()() of proceeds to reimburse itself for costs paid prior to the Closing Date, excluding the cost of prepayment of the Ground Lease. The Borrower represents that it will not make a payment of Proceeds to a Related Person.
Sample 1
Expenditure of Proceeds. In the event the City determines Property Owner is in default under the terms of this Agreement, the City may expend all or a portion of the Proceeds. The City may expend the Proceeds to restore the Property, complete or repair revegetation, stabilization, erosion control measures or warranty repairs and corrections. Prior to expending the Proceeds, the City shall notify Property Owner of the default and demand performance hereunder. If Property Owner has not cured its default within thirty (30) days of the notice (the “Notice Period”), or in the case of a default that cannot reasonably be cured within the Notice Period, if Property Owner has not diligently commenced to cure such default within the Notice Period and thereafter diligently pursued the cure of said default, the City shall have the right to expend the Proceeds and may cause the required restoration, revegetation, stabilization and erosion control measures to be installed, completed or repaired using such funds and to make warranty repairs and corrections. The Notice Period shall be thirty (30) days or, if the city reasonably determines that human safety will be threatened or irreparable property damage will occur, then such shorter period of time as the City may reasonably specify in its notice of default.
Sample 1
Expenditure of Proceeds. The District agrees that Project Funds shall be used exclusively for the following purposes: (i) architectural, engineering, surveying, soil testing, and similar costs paid with respect to the MST Project incurred prior to the commencement of construction and in an aggregate amount not exceeding 20% of the Project Funds, (ii) capital expenditures relating to the MST Project originally paid by the District or the County on or after the date hereof, (iii) interest on the Obligation (as defined in the SRF Loan Agreement) through the later of 3 years after the Applicable Date or 1 year after the MST Project is placed in service, and (iv) initial operating expenses directly associated with the MST Project in the aggregate amount not more than 5% of the Project Funds.
Sample 1
Expenditure of Proceeds. The Grant Recipient will expend the Grant Award (proceeds of the Bonds) for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Xxxx proceeds may be expended to pay, or reimburse the Grant Recipient for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
Sample 1
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Expenditure of Proceeds. The Nonprofit will expend proceeds of the Bonds received from the County for capital expenditures for federal income tax purposes within the meaning of Section 1.150-1(b) of the Tax Code. Bond proceeds may be expended to pay, or reimburse the Nonprofit for, Project capital expenditures or to repay interim indebtedness incurred for capital expenditures of the Project.
Sample 1

Related to Expenditure of Proceeds

  • Expenditure of Funds No provision of this Agreement shall require the Securities Intermediary to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

  • Use of Proceeds The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus under “Use of Proceeds.”

  • Application of Proceeds The Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of cash, as follows: FIRST, to the payment of all costs and expenses incurred by the Administrative Agent or the Collateral Agent (in their respective capacities as such hereunder or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent or the Administrative Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent, any Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed (subject to the first proviso to Section 3.01 and clause (B) of the first proviso to Section 4.01(a)) among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and FOURTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

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