Funding of Project Costs. (a) During the Commitment Period, Construction Agent shall request that Lessor advance (or cause to be advanced) funds for the payment of Project Costs, and Lessor shall comply with such request to the extent provided for under, and subject to the conditions, restrictions and limitations contained in Articles III and VI of the Participation Agreement. Construction Agent and Lessor acknowledge and agree that Construction Agent’s right to request funds and Lessor’s obligation to advance funds for the payment of Project Costs are subject in all respects to the terms and conditions of this Agreement, the Participation Agreement and each of the other Operative Documents.
(b) The proceeds of any funds made available to Lessor to pay Project Costs shall be made available to Construction Agent and Development Manager in accordance with the Advance Request relating thereto and the terms of the Participation Agreement.
Funding of Project Costs. During such time as GelTex is engaged in a project for Sankyo hereunder, GelTex shall provide Sankyo with quarterly invoices for the Project Costs incurred by GelTex during the previous quarter. Sankyo shall reimburse GelTex in full for the Project Costs detailed in each invoice within thirty (30) days of Sankyo's receipt thereof. Notwithstanding the above, Sankyo shall not be required to reimburse GelTex for Project Costs in excess of the budget prepared by GelTex unless Sankyo specifically authorizes additional services to be provided by GelTex.
Funding of Project Costs. On the date the Bonds are issued, an amount of the Bond proceeds shall be drawn down under the Bond Purchase Loan Agreement with respect to each of the Bonds in amounts agreed to by the Issue and the Company and in compliance with the terms of the Bond Purchase Loan Agreement. Additional proceeds of the Bonds shall be drawn down from time to time thereafter, by the Issuer, pursuant to Advance Requests under the Bond Purchase Loan Agreement, and shall be either paid to the Company to reimburse it for Project Costs that it has paid or paid to third party payees in payment of Project Costs.
Funding of Project Costs. Subject to the terms and conditions hereof, Lender shall, from time to time, advance the proceeds of the Loan for payment of Project Costs which are included in the Project Budget on the terms set forth in Section 3.2 below. Lender shall fund Advances for Project Costs directly into the Operating Account of MD Owner; provided, however, that, in the event that an Event of Default then exists, Lender may, in its sole discretion, make Advances, (a) through the Title Company, or (b) by paying bills for labor or materials directly to the Persons furnishing such labor or materials or by means of dual payee checks to Borrower and any Person furnishing labor or materials. Borrower hereby constitutes and appoints Xxxxxx, as its attorney-in-fact, which appointment is coupled with an interest and irrevocable, to make Advances as provided in this Section.
Funding of Project Costs. A. In order to maximize the Internal Rate of Return earned by the Members on their equity investment in the Company, it is the intent of the Members (1) to make distributions to the Members pursuant to Section 3.2 below as quickly as the performance of the Project permits; and (2) to utilize equity to fund the hard and soft costs of developing the Project consistent with the other terms of this Agreement. As used in this Agreement, “Internal Rate of Return” shall be calculated pursuant to Exhibit “B” attached hereto. In order to implement the intent of the Members:
(1) Net Proceeds (as defined in Section 3.1B below) will not be used to fund Project costs but rather will be deposited into the Net Proceeds Account (as defined in Section 3.1A below) and will be distributed monthly to the Members as set forth in Article 3 below.
(2) Project costs will be funded by (i) the Initial Contributions of the Members and (ii) draws on Investor’s equity as provided in Sections 2.2B and 2.3.
(3) Developer Gap Loans will be permitted as set forth in Section 3.1C below to fund cash needs of the Company which, because of timing issues cannot practicably be funded by equity draws. In any case where a Developer Gap Loan is not permitted, Developer shall fund such cash needs of the Company as a Cost Overrun pursuant to the provisions of Section 2.7 below.
B. The funding of Cost Overruns is set forth in Section 2.7 below.
C. The Company shall not acquire any third-party loan to pay Project costs without Investor’s prior written consent, in Investor’s sole and absolute discretion.
Funding of Project Costs. Section 2.1. The Ballpark Costs 10 Section 2.2. Project Budget and Master Plan 12 Section 2.3. City Project Costs Funding Commitment and Funding Sources 13 Section 2.4. Refunding of the Outstanding Bonds 14 Section 2.5. Tenant’s Project Costs Funding Commitment and Funding Sources 14 Section 2.6. Tenant-Specific Costs 15 Section 2.7. Tenant Contribution, Issuance of Incremental Funding Bonds 15 Section 3.1. City’s Statutory and Indenture Funds 16
Section 3.2. Creation, Administration, and Funding of City Project Fund and City Project Cost Account 16 Section 3.3. Tenant Project Cost Account 17 Section 3.4. Disbursement Account 17 Section 3.5. Disbursements To Pay or Reimburse Project Costs 18 Section 3.6. Rights to Audit 19
Funding of Project Costs. 5.1 The National Treasury shall allocate to this Project, on the terms and conditions set forth in this Agreement, amounts for Technical Assistance and/or Capital Grant Funds, not exceeding the amounts stipulated in the Schedules, and/or as may be revised and agreed to in writing by the National Treasury.
5.2 All amounts shall include VAT, any disbursements, escalation and all costs as agreed in the Schedules.
5.3 These Funds shall be disbursed at the times set out in the Milestone Payment Schedule and shall not exceed the maximum amounts set out in the Schedules and shall be paid to the Consultant in respect of Technical Assistance, and to the Municipality in the case of the Capital Grant, unless otherwise stipulated by the National Treasury.
5.4 The Municipality shall provide the funding set out in the Schedule by paying such amounts to the Contractors as well as all any additional funding be needed to complete the Project.
5.5 Should less funding from the National Treasury be needed to complete the work anticipated in this agreement, the Municipality may apply to the National Treasury for approval of disbursement of the Funds for the furtherment of other aspects of the Project provided that any such change in funding required shall be agreed in writing between the Municipality and the National Treasury.
5.6 The Municipality shall, in respect of Technical Assistance Fund, furnish the National Treasury with particulars of the persons certifying payment of any Consultant’s invoices, the full banking details of the Consultant to facilitate electronic transfer of disbursed Funds, and a copy of the letter of appointment of the Consultant, and any other information that the National Treasury may reasonably require.
5.7 The Municipality shall, in respect of the Capital Grant Fund, furnish the National Treasury with particulars of the persons requesting draw-downs of any request for capital transfers, the full banking details of the Municipality to facilitate electronic transfer of disbursed Funds, and a copy of the letter of appointment of the Contractor, and any other information that the National Treasury may reasonably require.
5.8 The Municipality may by written notice to the National Treasury cancel any undrawn portion of the Funding as set out in the Schedules provided that such cancellation shall not jeopardise the proper completion of the Project.
5.9 Should the Municipality not provide progress reports, financial reconciliation reports, bank statements...
Funding of Project Costs. 15 SECTION 3.2 Ordering Equipment............................................................... 16 SECTION 3.3 Receipt of and Payment for Equipment............................................. 17 SECTION 3.4 Reimbursement of Purchase Price.................................................. 17 SECTION 3.5 Advances for Fees, Transaction Expenses, Equity Yield and Soft Costs............. 18
Funding of Project Costs. (a) During the Construction Period, the Construction Agent may request that the Owner advance funds up to and including the amount of the Commitment for the payment of Project Costs included in the Construction Budget (and the Construction Agent shall make all certifications and satisfy all requirements set forth in Article III and Section 2.3 of this Construction Agency Agreement in connection therewith), and the Owner agrees that it will so advance funds for the payment of Project Costs, up to and including an aggregate total amount equal to the Commitment, to the extent provided for under, and subject to the conditions, restrictions and limitations contained in this Construction Agency Agreement (an "Advance"). The Construction Agent and the Owner acknowledge and agree that the Construction Agent's right to obtain funds and obligation to advance funds for the payment of Project Costs is subject in all respects to the terms and conditions of this Construction Agency Agreement and each of the other Operative Documents. Whenever during the Construction Period the Construction Agent desires that the Owner provide an Advance of funds for use and application to pay Project Costs in accordance with the Operative Documents, the Construction Agent shall submit to the Owner a Funding Request (each, a "Funding Request") at least eight (8) Business Days prior to the last Business Day in any calendar month during the Construction Period on which the Construction Agent requires a distribution of funds (the "Requested Funding Date"), or in the case of the initial Advance of funds on the Construction Closing Date, at least three (3) Business Days in advance of such date, subject to compliance with the applicable conditions precedent set forth in Section 2.3 of this Construction Agency Agreement (including an Acceptable Letter of Credit). Each Funding Request shall (i) be signed by an Authorized Officer of the Construction Agent, and be substantially in the form of Exhibit IX, (ii) be approved by Appraiser as evidenced by delivery to the Owner of a tagging Appraisal, (iii) be approved by Engineering Consultant and shall be in compliance with the Construction Budget, as evidenced by delivery to the Owner of a written certificate, and (iv) be accompanied by appropriate purchase orders, invoices and other relevant Purchase Documents, as applicable, and (v) be approved by the Owner. No more than one Advance may be requested and drawn in any calendar month (except for Novemb...
Funding of Project Costs. (a) The Issuer will issue the Bond in the Maximum Principal Amount of $170,000,000 to pay Qualified Project Costs.
(b) The Issuer or the County, or both, may apply, but shall not be required to apply for, state or federal Grants. If any grant proceeds are received by the Issuer, the Issuer will deposit the amount of any Grant proceeds received by it in the Grant Proceeds Fund (if permitted to do so by the terms of such Grant) and use the same (if permitted to do so by the terms of such Grant) for the payment of Qualified Project Costs. The Issuer, as Custodian of the Grant Proceeds Fund, shall establish a separate account in Grant Proceeds Fund for the proceeds of each Grant and shall apply the proceeds of each such Grant to the Qualified Project Costs payable from such Grant. Proceeds of any Grant that are restricted by the terms of such Grant shall be applied only in compliance with such Grant.
(c) Any proceeds of the Bond actually paid by the Holder to the Issuer shall be deposited in the Project Fund, and such proceeds shall be disbursed as directed by the Company to pay or reimburse Qualified Project Costs. If the Company is also the Holder and if Company directly pays any qualified Project Cost it may elect, as reflected in a Request for Advance, to (i) advance funds to the Issuer for deposit in the Project Fund and to be reimbursed from such account or (ii) to treat the payment as a constructive advance under the Bond Purchase Loan Agreement and as a constructive reimbursement from the Project Fund. In such case the constructive advance shall be reflected on the books of the Project Fund as a constructive receipt and the constructive reimbursement shall be reflected as a constructive disbursement.
(d) The Company shall be responsible for the construction and/or installation activities relating to the Leased Improvements, including, without limitation, entering into an installation or a construction contract or contracts with a third party general contractor and other third party contractors as necessary, provided that certain installation and construction activities will be conducted by the Company using its own labor and materials. The Company shall also be responsible for the acquisition and installation of items of the Leased Equipment.
