Requirements for Disbursement. Insurance proceeds paid pursuant to the policies of insurance for loss of or damage to the Premises as a result of a Casualty (the “Insurance Proceeds”) shall be paid to StadCo, as restoring party, from time to time as such Casualty Repair Work progresses as provided in this Article 12. Insurance Proceeds paid or disbursed to StadCo shall be held by StadCo in trust for the purposes of paying the cost of the Casualty Repair Work and shall be applied by StadCo to such Casualty Repair Work or otherwise in accordance with the terms of this Article 12. StadCo shall from time to time as requested by the Authority or any Leasehold Mortgagee provide an accounting to such other party of the Insurance Proceeds in detail and format reasonably satisfactory to such other party.
Requirements for Disbursement. Insurance proceeds paid pursuant to the policies of insurance for loss of or damage to the Premises as a result of a Casualty (the “Insurance Proceeds”) shall be paid to Bristol, as restoring party, from time to time as such Casualty Repair Work progresses as provided in this Section 16. Insurance Proceeds paid or disbursed to Bristol shall be held by Bristol in trust for the purposes of paying the cost of the Casualty Repair Work and shall be applied by Bristol to such Casualty Repair Work or otherwise in accordance with the terms of this Section 16. Bristol shall from time to time as requested by the Fair Board provide an accounting to such other party of the Insurance Proceeds in detail and format reasonably satisfactory to such other party.
Requirements for Disbursement. Insurance proceeds paid pursuant to the policies of insurance for loss of or damage to the Premises as a result of a Casualty (the “Insurance Proceeds”) shall be paid to StadCo, as restoring party, from time to time as such Casualty Repair Work progresses as provided in this Article 12. Insurance Proceeds paid or disbursed to StadCo shall be held by StadCo in trust for the purposes of paying the cost of the Casualty Repair Work and shall be applied by StadCo to such Casualty Repair Work or otherwise in accordance with the terms of this Article 12. StadCo shall from time to time as requested by the Authority or any Leasehold Mortgagee provide an accounting to such other party of the Insurance Proceeds in detail and format reasonably satisfactory to such other party. (b) Deposit of Proceeds of Insurance. Without limiting StadCo’s obligations under this Section 12.2 with respect to Casualty Repair Work, the Insurance Proceeds shall be payable to:
(i) StadCo directly, in the case of any particular insured Casualty resulting in damage to the Improvements involving a reasonably estimated cost of repair equal to or less than Five Million and No/100 Dollars ($5,000,000.00), which Insurance Proceeds shall be received by the Authority in trust for the purpose of paying the cost of Casualty Repair Work.
(ii) the Insurance Fund Custodian for deposit into the Insurance Fund in the case of any particular insured Casualty resulting in damage involving a reasonably estimated cost of repair in excess of Five Million and No/100 Dollars ($5,000,000.00), which Insurance Proceeds are to be held and disbursed pursuant to, and under the conditions set forth in this Section 12.2(b) and Section 12.2(c) below. The Insurance Fund shall be established and maintained for the sole purpose of serving as a segregated fund for the Insurance Proceeds and the Insurance Proceeds deposited into the Insurance Fund under this Agreement shall be held and disbursed, all in accordance with this Article 12. All funds in the Insurance Fund shall be held in escrow by the Insurance Fund Custodian for application in accordance with the terms of this Agreement, and the Insurance Fund Custodian shall account to StadCo and the Authority for the same on a monthly basis. The funds in the Insurance Fund shall be invested only in Permitted Investments as directed by XxxxXx and all earnings and interest thereon shall accrue to the Insurance Fund and shall be available as part of the Insurance Fund. Neither the...
Requirements for Disbursement. The Grantee shall meet all conditions precedent to the disbursement of money under this Agreement, including filing an XXX pursuant to Paragraph 6, and Basic Conditions, Paragraph 11. Failure by the Grantee to comply may, at the option of DWR, result in termination of the Agreement. DWR shall have no obligation to reimburse funds under this Agreement unless and until the disbursement is in accordance with requirements of Proposition 1E. For disbursements of funds for the Project, the Grantee shall continue to meet the Basic Conditions stated in Paragraph 11.
Requirements for Disbursement. Insurance proceeds paid pursuant to the policies of insurance for loss of or damage to the Improvements (herein sometimes referred to as the “Insurance Proceeds”) shall be paid and delivered to the Persons specified in Section 11.7. Except as provided in Subsection 14.2.3 and Subsection 14.2.4 below, the Insurance Fund shall be applied to the payment of the costs of the Casualty Repair Work and shall be paid out to or for the account of Licensee, as applicable, from time to time as the Casualty Repair Work progresses. The Stadium Fund Custodian shall make disbursements of Insurance Proceeds out of the Insurance Fund upon the request of Licensee when accompanied by a certificate dated not more than fifteen (15) days prior to such request, signed by a Licensee Representative of Licensee, and, to the extent an architect, engineer or construction manager is reasonably required to be retained with respect to the nature of the Casualty Repair Work being performed, by a qualified architect, engineer or construction manager in charge of the Casualty Repair Work selected by Licensee subject to applicable Governmental Rule as such relates to procurement matters, setting forth the following:
(a) That the Casualty Repair Work is in compliance with the Material Design Elements as set forth in the Project Development Agreement and that there has been no change in any Material Design Element that has not been approved in writing by Licensor; and
(b) That except for the amount stated in the certificate to be due (and/or except for statutory or contractual retainage not yet due and payable), there is no outstanding indebtedness for such Casualty Repair Work known to the Persons signing such certificate, after due inquiry, to then be due to Persons being paid. Insurance Proceeds disbursed to Licensee from the Insurance Fund shall be held by Licensee in trust for the purposes of paying the cost of the Casualty Repair Work and shall be applied by Licensee to such Casualty Repair Work or otherwise in accordance with the terms of this Section 14.2.
Requirements for Disbursement. Funding Recipient shall meet all conditions precedent to the disbursement of money under this Agreement, including Acceptable Conditions, Paragraph 7. Notwithstanding any other provision of this Funding Agreement, no disbursement shall be required at any time or in any manner which is in violation of, or in conflict with, federal or state laws, rules, or regulations, or which may require any rebates to the federal government, or any loss of tax-free status on state bonds, pursuant to any federal statute or regulation. Any and all money disbursed to Funding Recipient under this Funding Agreement shall be deposited in a non-interest bearing account and shall be used solely to pay Eligible Project Costs.
Requirements for Disbursement. 2 8. Relationship of Parties Hereto.......................... ............. ............. .............. ............. ............. 2 9. Permits, Licenses, Approvals and Legal Obligations……………………………………… ......... 2
Requirements for Disbursement. Before making any disbursement of funds from a cash escrow, Escrow Agent shall notify the General Partner and the UPREIT in writing of its intended action at least five (5) days in advance, and in the event it shall, within such 5 day period, receive written notice of objection from a party, Escrow Agent shall take no further action unless pursuant to joint written instructions of the General Partner and the UPREIT or pursuant to a court order.
Requirements for Disbursement. Funding Recipient shall meet all conditions precedent to the disbursement of money under this Funding Agreement. Failure by Funding Recipient to comply may, at the option of State, result in termination of the Funding Agreement. State shall have no obligation to disburse money under this Funding Agreement unless and until the disbursement is in accordance with requirements of the California Disaster Preparedness and Flood Prevention Bond Act of 2006 and the California Safe Drinking Water, Water Quality and Supply, Flood Control, River and Coastal Protection Act of 2006 and:
a) Funding Recipient has formally acknowledged the current flood risk or has made arrangements with [insert name of Local Agency or Agencies] to acknowledge the current flood risk through a resolution or resolutions adopted and signed by the governing bodies of all affected cities or counties and other agencies with flood management responsibilities located in the areas protected by their proposed projects. The resolution or resolutions must be approved by the State in advance of adoption as to matters of both form and substance. The Funding Recipient agrees that each resolution shall provide that any subsequent resolutions that would modify or rescind the resolution must be first approved by the State. State agrees that it shall not unreasonably withhold approval of a resolution acknowledging flood risk.
b) Funding Recipient has provided a copy of a resolution adopted by its governing body accepting the Funds, and designated a representative to execute this Funding Agreement and to sign requests for disbursement of State funds. The resolution must be substantially the same as the draft resolution provided in Exhibit E to this Funding Agreement.
c) An application for credit or reimbursement has been filed with the federal government as provided for in Paragraph 8 of this Funding Agreement.
d) Funding Recipient provides assurance that OMRR&R Agreement requirements as provided for in Paragraph 24 of this Funding Agreement will be adhered to as outlined.
Requirements for Disbursement. Grantee shall, by <DATE within 6 months of grant execution>, meet all conditions precedent to the disbursement of money under this Grant Agreement, including Basic Conditions, paragraph 12 for at least one project in this grant agreement. Failure by Grantee to comply by this date may, at the option of State, result in termination of the Grant Agreement under Standard Conditions D-32 of this Grant Agreement. For disbursements of funds for each project, Grantee shall continue to meet the Basic Conditions as well as the Conditions for Disbursement for Construction, paragraph 16.
