Requisitions From Net Proceeds Fund Sample Clauses

Requisitions From Net Proceeds Fund. Each requisition delivered by the District to the Lender pursuant to clause (c)(i) above, shall state: (i) the requisition number; (ii) the name and address of the person, firm or corporation to whom payment is due; (iii) the amount to be paid; (iv) that such amount is a proper charge against the Net Proceeds Fund and has not been the basis of any previous charge; and (v) in reasonable detail, the nature of the payment obligation. Any requisition complying with the requirements set forth in this clause shall be paid by the Lender within three business days from receipt of such requisition. Any balance remaining in the Net Proceeds Fund after the Site and Facilities have been restored to beneficial use by the District, as certified by an Authorized Officer of the District shall be paid to the District
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Related to Requisitions From Net Proceeds Fund

  • CALCULATING THE AMOUNT OF LOSS OF REVENUES BY THE DISTRICT Subject to the provisions of Section 6.5, the amount to be paid by Applicant to compensate District for loss of Maintenance and Operations Revenue resulting from, or on account of, this Agreement for each year starting in the year of the Application Approval Date and ending on the Final Termination Date (as set out in Exhibit 5), the “M&O Amount” shall be determined in compliance with Applicable School Finance Law in effect for such year and according to the following formula:

  • Proceeds The Company shall use the proceeds from the issuance and sale of the Securities as set forth in “Use of Proceeds to issuer” in the Offering Circular.

  • Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the Property In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property (each, a “Partial Devaluation”) where the fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the Partial Devaluation, a percentage of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in writing. The amount of the Miscellaneous Proceeds that will be so applied is determined by multiplying the total amount of the Miscellaneous Proceeds by a percentage calculated by taking (i) the total amount of the sums secured immediately before the Partial Devaluation, and dividing it by (ii) the fair market value of the Property immediately before the Partial Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower. In the event of a Partial Devaluation where the fair market value of the Property immediately before the Partial Devaluation is less than the amount of the sums secured immediately before the Partial Devaluation, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not the sums are then due, unless Borrower and Lender otherwise agree in writing.

  • Commingling, Exchange and Investment of the Contributions 2.1. The Contributions shall be accounted for as a single trust fund and shall be kept separate and apart from the funds of the Bank. The Contributions may be commingled with other trust fund assets maintained by the Bank.

  • Commingling and Investment The Trustee is expressly authorized in its discretion:

  • LOCATION OF QUALIFIED PROPERTY AND INVESTMENT The Land on which the Qualified Property shall be located and on which the Qualified Investment shall be made is described in EXHIBIT 2, which is attached hereto and incorporated herein by reference for all purposes. The Parties expressly agree that the boundaries of the Land may not be materially changed from its configuration described in EXHIBIT 2 unless amended pursuant to the provisions of Section 10.2 of this Agreement.

  • Application of Miscellaneous Proceeds upon Damage to Property If the Property is damaged, any Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or repair to be economically feasible and Lender’s security will not be lessened by such restoration or repair. During such repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to ensure the work has been completed to Lender’s satisfaction (which may include satisfying Lender’s minimum eligibility requirements for persons repairing the Property, including, but not limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to be economically feasible or Lender’s security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that Partial Payments are applied in Section 2(b).

  • When Must Distributions from a Traditional IRA Begin You must begin receiving the assets in your account no later than April 1 following the calendar year in which you reach RMD age.

  • Project Fund (a) The Trustee shall use moneys in the Tax-Exempt Bonds Account and the Equity Account of the Project Fund for the acquisition, rehabilitation and equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein; provided, however, that any monies on deposit in the Capitalized Interest Account of the Project Fund shall only be used to make payments on the Note (including payments under the Swap Agreement, as provided therein) pursuant to Section 2.5 of the Loan Agreement and as otherwise provided in Section 8.7(c) below. The amounts on deposit in the Tax-Exempt Bonds Account shall not be applied to the payment of Costs of Issuance. The amounts on deposit in the Equity Account of the Project Fund shall be disbursed pursuant to the provisions of Section 8.7(g) hereof. Not less than 95% of the Tax-Exempt Bond proceeds representing net proceeds of the Tax-Exempt Bonds will be expended for Qualified Project Costs (the “95% Requirement”). Before any payment shall be made from any account within the Project Fund, the Regulatory Agreement and Mortgage shall have been recorded in the official records of Los Angeles County (confirmed by the title company responsible for such recording), and there shall be filed with the Trustee a Written Requisition of the Borrower substantially in the form attached hereto as Exhibit C-1 and approved by the Servicer for each such payment (upon which the Trustee may conclusively rely). Notwithstanding the foregoing, the Trustee may withdraw amounts from the Equity Account of the Project Fund without a Written Requisition to pay interest on the Bonds. Amounts on deposit in the Tax-Exempt Bonds Account of the Project Fund shall be allocated to, and disbursed from time to time by the Trustee for the sole purpose of, paying Qualified Project Costs and other costs that are the subject of a Written Requisition and approved by the Servicer as provided in the preceding sentence, which requisition shall include a certification that the “95% Requirement” referred to above is complied with and shall include an exhibit that allocates the amount to be disbursed among the Tax-Exempt Bonds Account and the Equity Account of the Project Fund. In connection with a Written Requisition: Only the signature of an authorized officer of the Servicer shall be required on a Written Requisition during any period in which a default by the Borrower has occurred and is then continuing under the Loan (notice of which default has been given in writing by an authorized officer of the Servicer to the Trustee and the Issuer, and the Trustee shall be entitled to conclusively rely on any such Written Notice as to the occurrence and continuation of such a default). The Trustee shall disburse amounts in the Project Fund upon receipt of a Written Requisition signed only by the Servicer (and without any need for any signature by an Authorized Borrower Representative), so long as the amount to be disbursed is to be used solely to make payments of principal, interest and/or fees due under the Bond Documents. The Trustee shall be entitled to conclusively rely upon any Written Requisition in determining whether to disburse amounts from the Project Fund.

  • PROJECT FUNDS INDOT will not share in the cost of the Project. INDOT will disburse funds from time to time; however, INDOT will be reimbursed by the Federal Highway Administration (FHWA) or the LPA. Payment will be made for the services performed under this Contract in accordance with Attachment D (Project Funds), which is herein attached to and made an integral part of this Contract.

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