Review of Funding Notice and Master Applications for Payment. Upon receipt of a Funding Notice from StadCo (or the StadCo Representative):
(1) The entities receiving copies of the Funding Notice under Section 3.4(b) hereof shall have six (6) days to review the Master Application for Payment attached thereto. The Construction Monitor must, on or before the 21st day of the month, approve or object to all or a portion of the amount requested in the applicable Master Application for Payment and provide to StadCo and to the Trustee (with a copy to the Authority, the County, the FinanceCo Agent, Ventures, and the Disbursing Agent) a written notice (each, a “Construction Monitor Notice”) either approving the Master Application for Payment or detailing any objection to payment of all or any portion of the amount requested in the applicable Master Application for Payment (the “Disputed Items”). On or before the 22nd day of each month, (A) StadCo may provide a notice to the Trustee (with a copy to the Construction Monitor) designating the amount of Project Costs (less the amount of any Disputed Item) to be paid from the StadCo Contribution Trust Account and specific Subaccounts therein and the PSL Contribution Trust Account, and, if applicable, any specific Subaccounts therein and (B) the Authority may provide a notice to the Trustee (with a copy to the Construction Monitor and the County) designating the amount of Project Costs to be paid from the Authority Contribution Trust Account, and, if applicable, any specific Subaccounts therein. In the absence of the written notices described in the immediately preceding sentence, the Trustee shall designate the Accounts from which Project Costs are to be paid in reliance on information provided by the Construction Monitor.
(2) Upon receipt of the Funding Notice, the Trustee shall review the Funding Notice for compliance with the form attached hereto as Exhibit B. On or before the 22nd day of the month, the Construction Monitor shall provide the Trustee (with a copy to StadCo, the Authority, the County, the FinanceCo Agent, Ventures, and the Disbursing Agent) a written notice (each, an “Approval Notice”) confirming the final amount of Project Costs approved to be paid in the applicable Master Application for Payment (less the amount of any Disputed Item) and to be disbursed to the Disbursing Agent for such month (the “Trust Disbursement Amount”), which may, in the discretion of the Construction Monitor, be accomplished by re-delivery or ratification of the Construction Monitor Notice...
Review of Funding Notice and Master Applications for Payment. Upon receipt of a Master Application for PaymentFunding Notice from StadCo (or the StadCo Representative):
(1) The entities receiving copies of the Master Application for PaymentFunding Notice under Section 3.4(b) hereof shall have [six (6)] days to review suchthe Master Application for Payment attached thereto. The Construction Monitor must, on or before the [21]st day of the month, approve or object to all or a portion of the amount requested in the applicable Master Application for Payment and provide to StadCo and to the Trustee (with a copy to the Authority, the County, the FinanceCo Agent, Ventures, and the Disbursing Agent) a written notice (each, a “Construction Monitor Notice”) either approving the Master Application for Payment or detailing any objection to payment of all or any portion of the amount requested in the applicable Master Application for Payment (the “Disputed Items”). On or before the [22]nd day of each month, (A) StadCo may provide a notice to the Trustee (with a copy to the Construction Monitor) designating the amount of Project Costs (less the amount of any Disputed Item) to be paid from the StadCo Contribution Trust Account and specific Subaccounts therein and the PSL Contribution Trust Account, and, if applicable, any specific Subaccounts therein and
