concurrently herewith Sample Clauses
The clause "concurrently herewith" establishes that certain actions, obligations, or documents are to occur or be delivered at the same time as the main agreement or another specified event. In practice, this might mean that parties must exchange signed documents, make payments, or fulfill conditions simultaneously with the execution of the primary contract. This clause ensures that all necessary steps or deliverables happen in tandem, preventing one party from being obligated before the other and thereby reducing the risk of non-performance or delay.
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concurrently herewith. The Notes have been issued pursuant to the provisions of an Indenture (as amended, supplemented or otherwise modified from time to time, the "INDENTURE") dated the date hereof, between the Issuers and the Trustee, on behalf of itself and the holders of the Notes. Proceeds from the issuance of Notes in the amount of Fifty Two Million Three Hundred Sixty One Thousand Five Hundred Seventy Dollars and eighty three cents ($52,361,570.83) (the "CONSTRUCTION PROCEEDS") will be deposited contemporaneously with the execution of this Agreement into account #ISLCAPCONDIS, held at the Disbursement Agent (said account, or any substitute account selected in accordance with the terms of this Agreement, is sometimes referred to herein as the "CONSTRUCTION DISBURSEMENT ACCOUNT"), to be maintained by the Disbursement Agent pursuant to Section 2 of this Agreement. Proceeds --------- from the issuance of Notes in the amount of Fourteen Million One Hundred Twenty Nine Thousand Six Hundred Fifty One Dollars and ninety four cents ($14,129,651.94) (the "INTEREST RESERVE PROCEEDS"), will be deposited contemporaneously with the execution of this Agreement into account #ISLCAPINTRES, held at the Disbursement Agent (said account, or any substitute account selected in accordance with the terms of this Agreement, is sometimes referred to herein as the "INTEREST RESERVE ACCOUNT"), to be maintained by the Disbursement Agent pursuant to Section 2 of this Agreement. Proceeds from the --------- issuance of Notes in the amount of Five Million Dollars ($5,000,000.00) (the "COMPLETION RESERVE PROCEEDS," which together with the Construction Proceeds and the Interest Reserve Proceeds shall be referred to herein as the "PROCEEDS"), will be deposited contemporaneously with the execution of this Agreement into account #ISLCAPCOMRES, held at the Disbursement Agent (said account, or any substitute account selected in accordance with the terms of this Agreement, is sometimes referred to herein as the "COMPLETION RESERVE ACCOUNT"), to be maintained by the Disbursement Agent pursuant to Section 2 of this Agreement. ---------