Payment of Project Costs. If the moneys available from the proceeds of the sale of the Bonds and investment income thereon shall not be sufficient to pay the Project Costs in full, the Borrower shall pay from the Subordinate Loans, the Borrower Contribution and, to the extent necessary, its own funds all of that portion of the Project Costs in excess of the moneys available therefor from the sale of the Bonds and investment income thereon. The Issuer does not make any warranty, either express or implied, that the moneys from the proceeds of the Bonds will be sufficient to pay the Project Costs. In the event the Borrower shall pay from its own funds any portion of the Project Costs pursuant to the provisions of this Section 5.01, it shall not be entitled to any reimbursement therefor from the Issuer, the Trustee or the Owners of any of the Bonds, nor shall it be entitled to any diminution in or postponement of the payments required to be paid by the Borrower under this Agreement.
Payment of Project Costs. The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.
Payment of Project Costs. (a) The amounts deposited from time to time and held by the Trustee in the Project Funds shall be applied in accordance with the Loan Agreement to pay Allowable Costs permitted to be paid or reimbursed from the Project Funds by the Trustee as provided in the Loan Agreement and the Supplement. Amounts advanced by the Director under the LDI Loan shall be applied to pay Allowable Costs.
(b) Landlord and Tenant in its capacity as Construction Agent acknowledge that neither has any right to funds held by the Trustee in the Project Funds other than as provided in the Loan Agreement and the Supplement. Landlord and Tenant in its capacity as Construction Agent acknowledge that neither has any right to the LDI Loan other than as provided in the Loan Agreement. Tenant in its capacity as Construction Agent shall not have any right to receive disbursement from the Trustee unless there is substantial compliance with all disbursement requirements under the Loan Agreement, the Supplement and this Lease Agreement. Tenant in its capacity as Construction Agent shall not have any right to receive disbursement from the Director of the LDI Loan unless there is substantial compliance with all disbursement requirements under the Loan Agreement and this Lease Agreement. No disbursements shall be made while an Event of Default exists and is continuing by Tenant in its capacity as the Construction Agent, or the Guarantors, or an Event of Default exists and is continuing under this Lease Agreement, any of the other Operative Documents or under the Loan Documents, unless Landlord and the Director agree to particular disbursements. Each request for disbursement from the Trustee shall be in accordance with the terms of the Loan Agreement and the Supplement. In the event that any disbursement shall be delayed or denied, Tenant shall nonetheless have the duty and obligation to pay all costs and expenses related to the Provision of the Project, the Adjacent Hangar Demolition and the Related Area Improvements.
(c) All requests for disbursement from the Project Funds shall be made by Tenant in its capacity as Construction Agent to the Trustee by submission of (i) a Disbursement Request Form signed by Tenant in its capacity as Construction Agent, substantially in the form attached as Appendix C to this Exhibit E (or otherwise complying in substance with the requirements of this Lease Agreement and the Loan Agreement), approved by the Director.
(d) Tenant in its capacity as Construction Agent...
Payment of Project Costs. The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.
I. AUDIT DISALLOWANCES The Grantee agrees it shall return any audit disallowances to the State Water Board.
Payment of Project Costs. Except as otherwise provided in Section 403 of the Indenture, all Project Costs and Costs of Issuance shall be paid by the Trustee from the Project Fund upon receipt by the Trustee of a completed request of the Obligor signed by the Authorized Obligor Representative, with Bondowner Consent and containing the statements, representations and certifications set forth in the form of such request attached as Exhibit B hereto and otherwise substantially in such form. The Obligor will accept disbursements in accordance with the provisions hereof and, if made to the Obligor, will use or cause each such disbursement to be used solely for the payment of materials, labor, services, costs and expenses incurred in connection with the construction of the Project and in payment or performance of any obligation of the Obligor under the Note and for no other purpose. The Trustee’s obligation to make any disbursement including the initial disbursement of moneys from the Project Fund shall be subject to the satisfaction of the following conditions in addition to any other conditions set forth in this Loan Agreement:
(a) There shall be no default under the Note and the Trustee shall not have notice of any Event of Default.
(b) The Trustee shall have received the title policy or commitment therefor referred to in the Bond Purchase Agreement, dated as of the date hereof, by and among the Issuer, the Obligor and Union Planters Bank, N.A. as initial purchaser of the Bonds.
(c) The Trustee shall make advances no more often than once a month.
(d) The Obligor shall make no request for funds in excess of the amount due to material suppliers, contractors, subcontractors and suppliers of service, for the given pay period, it being the intention of the parties hereto not to create a surplus disbursement should the value of work in place, as defined in the contract documents, be in excess of the amounts actually billed by said suppliers and subcontractors.
(e) The Trustee may make payments for the cost of construction of the Project directly to any contractor, subcontractor, materialman, or vendor of fixtures and equipment.
(f) The Bondowners, by Bondowner Consent, shall have the right at any time to direct the Trustee to cease disbursements hereunder if, in the sole opinion of the Bondowners as evidenced by Bondowner Consent, the balance of the loan to be disbursed hereunder shall be insufficient to complete development and construction. The Obligor agrees if for any reason the amount o...
Payment of Project Costs. All Project Costs shall be paid and funded by Developer.
Payment of Project Costs. The proceeds from the sale of the Bonds shall be paid by the Trustee from the Project Fund in accordance with Section 3.4 of this Agreement to provide for the payment of the Project costs.
Payment of Project Costs. Contractor agrees that it shall provide for payment of its full share of the Project costs. All costs and payments for the Project shall be paid by the Contractor promptly and in compliance with all applicable laws.
Payment of Project Costs. 13 Section 5.3.
Payment of Project Costs. All Project Costs and other costs set forth in the Project Budget scheduled to have been paid from the proceeds of amounts to be funded under this Agreement and the Sponsor Pre-Sale Capacity Commitments shall have been paid in full, or other support arrangements which are satisfactory to the Administrative Agent shall have been made for the payment thereof.
