Use and Release of Funds in Initial Member Development Account Sample Clauses

Use and Release of Funds in Initial Member Development Account. Funds in the Initial Member Development Funding Account will be used to fund Initial Member Development Contributions to supplement Private Owner Development Contributions, in accordance with Section 12.13 hereof. On the earlier to occur of (i) the Purchase Money Notes Defeasance Date, (ii) three (3) years from the Closing Date and (iii) any earlier date at the option of the Manager, any remaining funds in the Initial Member Development Funding Account will be released to the Initial Member and no additional Private Owner Development Contributions will be approved (it being understood that, pursuant to the Priority of Payments and the Custodial and Paying Agency Agreement, no cash flows will be distributed to the Members (out of Distributable Cash) until amounts on deposit in the Initial Member Development Funding Account have been fully utilized for funding Initial Member Development Contributions or otherwise released to the Initial Member in accordance with the foregoing). With the exception of such release in full of the remaining funds in the Initial Member Development Funding Account to the Initial Member, in no event shall the Manager have any authority to direct disposition of funds in the Initial Member Development Funding Account.
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