Common use of Bond Proceeds Clause in Contracts

Bond Proceeds. On or before the Phase One Bond Proceeds Date, City Bodies, using commercially reasonable efforts, shall have: (i) taken all action necessary and prudent to authorize the Phase One Bond Proceed Portion; and (ii) demonstrated that such Phase One Bond Proceed Portion shall be issued and the proceeds available to Developer on or before the Phase One Bond Proceeds Date; and, as of the Phase One Bond Proceeds Date, Developer, exercising commercially reasonable discretion, shall have determined that the proceeds of the Bonds shall be no less than the Bond Proceed Portion applicable to Phase One and available for Developer for the purposes set forth in this Agreement. Upon (x) receipt of a Bond Proceeds Notice for a subsequent Project Phase; (y) approval of Final Documents and Drawings for such subsequent Project Phase; and (z) demonstration that Developer has adequate funds to construct such subsequent Project Phase, City shall make available additional Bond Proceed Portions on or before the applicable Bond Proceeds Date consistent with the Funding Agreement