Loss of Entitlement to Distribution of STAR Bond Proceeds Sample Clauses

Loss of Entitlement to Distribution of STAR Bond Proceeds. If an Issuer Representative certifies to the Trustee that an event has occurred or a condition exists under the Development Agreement or the Master Funding Agreement, for which the Developer has had at least 60 days’ notice, which (if able to be cured pursuant to the terms and conditions of such document) has not been cured in accordance with the applicable provisions thereof, and which event or condition has as a consequence that the Developer is no longer entitled to the distribution of proceeds of a series of STAR Bonds to be applied to the payment of Costs of STAR Bond Improvements, all subject to any rights which the Developer may have under the applicable agreement, any balance remaining in the applicable account of the Project Fund, other than amounts required to be transferred to the Rebate Fund pursuant to Section 4.07 hereof, and any balance remaining in the Escrowed Project Costs Fund, shall be transferred to the applicable Redemption Account of the Debt Service Fund and used to redeem the applicable series of STAR Bonds at the earliest permissible date under Section 3.02(b) of this Indenture, or, (c) in the discretion of the Issuer, shall be applied for any other purpose that, based on an Opinion of Bond Counsel, will not cause the interest on any STAR Bonds to be includible in gross income for federal income tax purposes.
Sample 1
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Related to Loss of Entitlement to Distribution of STAR Bond Proceeds

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  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

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