Use and Release of Funds in the Company Development Account Sample Clauses

Use and Release of Funds in the Company Development Account. Funds in the Company Development Account shall be used to fund Permitted Horizontal Development in accordance with Section 5.3 hereof and Section 3.5 of the Custodial and Paying Agency Agreement. Disbursement of funds from the Company Development Account to pay the applicable Permitted Horizontal Development Expenses shall be made by the Paying Agent, upon the direction of the Manager on a monthly basis (with one collective disbursement of funds from the Company Development Account each month with respect to each Asset Development Plan), subject to and following submission of invoices and other relevant evidence (including evidence of completion of applicable work) to the Verification Contractor and applicable authorization by the Verification Contractor for release (by the Paying Agent) of applicable funds from the Company Development Account following the Verification Contractor’s review and verification with respect to such invoices (and other evidence) and applicable compliance with the Asset Development Plan. Upon completion of any applicable Permitted Horizontal Development, at the election (or request) of the Initial Member or the Private Owner, and otherwise upon any dissolution of the Company, any remaining funds in the Company Development Account with respect to such Permitted Horizontal Development (including any such remaining funds allocable to interest or other return on Permitted Investments with respect to the applicable Development Contributions while so held in the Company Development Account) shall be released to the Members as direct distributions on equity (subject to the provisions of Section 6.6(c) hereof, including with respect to potential remittance of applicable distributions to the Initial Member directly to the Initial Member Development Funding Account) on the first occurring Distribution Date after such date. In connection with, and to effect, such distribution to the Members, the Manager shall, prior to the applicable Distribution Date, deposit such remaining amounts in the Distribution Account and provide applicable instructions to the Paying Agent with respect thereto for distribution thereof in accordance with the foregoing and other applicable provisions in the Custodial and Paying Agency Agreement. Except as expressly permitted pursuant to the foregoing (and applicable provisions in the Custodial and Paying Agency Agreement), the Manager shall not request or permit withdrawals from the Company Development Account.
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Related to Use and Release of Funds in the Company Development Account

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