Disbursements from Project Fund Sample Clauses

Disbursements from Project Fund. 1. The Authority has in the Indenture authorized and directed the Trustee to make payments from the Project Fund in accordance with Section 8.01 of the Indenture, to pay the redemption price of the Prior Bonds and costs related thereto upon receipt from time to time of letters signed by an Authorized Company Representative in accordance with Section 8.01 of the Indenture. Concurrently with the delivery by the Company of each such letter to the Trustee, the Company will deliver to the Authority a copy thereof and any attachments thereto. The Company will indemnify and save harmless the Authority and the Trustee from any liability incurred in connection with any letter so delivered and any payments made in reliance thereon. 2. All monies remaining in the Project Fund after the redemption of the Prior Bonds and payment of all costs related thereto shall, at the written direction of an Authorized Company Representative, be paid to the Company.

Disbursements from Project Fund. Subject to the provisions below, disbursements from the Project Fund shall be made to reimburse or pay the Company, another Affiliate or any Person designated by the Company, for Project Costs. The Company agrees that the sums so disbursed from the Project Fund will be used only for the payment of Project Costs, and will not be used for any other purpose. Any disbursements from the Project Fund for the payment of the Project Costs shall be made by the Trustee only upon the written order of an Authorized Representative of the Company delivered to the Trustee. Each such written order shall be substantially in the form of the disbursement request attached hereto as Exhibit B and shall be consecutively numbered and accompanied by a statement in reasonable detail listing the Project Costs to be paid to any contractors, materialmen or suppliers or incurred by the Company for which it is to be reimbursed. Any disbursement for any item which is inconsistent with the information statement filed by the Issuer in connection with the issuance of the Bonds as required by Section 149(e) of the Code, shall be accompanied by an opinion of a Bond Counsel to the effect that such disbursement will not result in the interest on the Bonds becoming included in the gross income of the holders thereof for federal income tax purposes. In case any contract provides for the retention by the Company of a portion of the contract price, there shall be paid from the Project Fund only the net amount remaining after deduction of any such portion, and only when that retained amount is due and payable, may it be paid from the Project Fund.

Disbursements from Project Fund. (a) The Qualified Agency may cause disbursements to be made from the Project Fund in accordance with contracts for the Project and with this Financing Agreement and the Resolution. (b) The Qualified Agency acknowledges that the Project Fund may be applied in accordance with the Resolution for purposes other than the payment of Project Costs. (c) The Qualified Agency acknowledges and agrees that interest earned in funds contained in the Project Fund may be used to pay interest payments, if any, on the Notes. (d) To obtain a disbursement of funds from the Project Fund for the payment of Project Costs, the Qualified Agency shall submit to the Authority, not later than the Business Day immediately preceding the disbursement date, a properly completed Disbursement Certificate. Subject to Subsection (e) of this Section 3.06, upon determining that the submitted Disbursement Certificate has been properly completed, the Executive Director shall cause the Comptroller to transfer funds in the Project Fund to the appropriate fund(s) of the Qualified Agency in the amount(s) set forth in the Disbursement Certificate. The Qualified Agency shall apply the funds so transferred to the payment of Project Costs. (e) Disbursements from the Project Fund for the payment of Project Costs shall not exceed, in the aggregate, the Project Completion Amount without the prior approval of the Executive Director (which approval shall be based on availability of funds and legal authorization). (f) Before a disbursement from the Project Fund may be made with respect to any Project Component in excess of the estimated cost of such component shown on Exhibit A of this Financing Agreement, the Qualified Agency shall give notice to the Executive Director identifying such Project Component and stating the amount of such excess. (g) In the event that the Authority determines that the Qualified Agency has breached any material representation, warranty, or agreement in this Financing Agreement, the Authority, in its discretion, may suspend further disbursement of funds from the Project Fund if it is advised in writing by the Texas Attorney General that (1) such suspension is lawful, and (2) such breach constitutes a breach of this Financing Agreement and such suspension may commence not sooner than the 30th day after the date of delivery to an Authorized Agency Representative of notice of such suspension, and may continue until such breach is cured or is waived by the Executive Director. If such b...

Disbursements from Project Fund. (a) In the Trust Indenture, the Authority has authorized and directed the Bond Trustee to make disbursements from the Project Fund to pay the Costs of the Project, or to reimburse CHOA for any Cost of the Project or capitalizable interest paid by CHOA. The Bond Trustee shall not make any disbursement from the Project Fund until CHOA shall have provided the Bond Trustee with a requisition in substantially the form attached (i) in reasonable detail, the purpose for which such requisition is made, together with the name and address of the person to whom each payment is due and owing and the amount of each payment requested in such requisition; (ii) that, except to the extent such requisition relates to payment of interest on the Bonds, bills, statements of account, invoices or other evidence of the payment obligation or obligations to which such requisition relates are on file at the office of CHOA; (iii) that each such obligation is a proper charge against the Project Fund and has not been the basis of any previous requisition from the Project Fund; (iv) that no portion of such requisition requests payment for materials not yet incorporated in the Project or delivered to the site of the Project or for services which have not yet been performed; and (v) if such requisition requests payment for any Costs of Issuance of the Bonds, that the amount requested for disbursement in such requisition for such purpose, together with the amount or amounts previously disbursed from the Project Fund for Costs of Issuance of the Bonds, does not result in more than two percent of the sale proceeds of the Bonds being applied to pay Costs of Issuance of the Bonds. (b) Upon an Event of Default and an acceleration of the Bonds, all moneys in the Project Fund shall be transferred without any further authorization or direction to the Principal Fund. (c) The Authority and the Bond Trustee may rely conclusively upon requisitions delivered to them by CHOA. Upon reasonable request, CHOA shall furnish the Authority or the Bond Trustee with copies of invoices or other appropriate documentation supporting payments or reimbursements requested pursuant to this Section. The Bond Trustee shall have no liability for the payment of any requisition described in (a) above.

Disbursements from Project Fund. The Borrower shall not request or receive any disbursement of funds from the Project Fund unless and until the Bank shall have approved such disbursement in writing and all of the following conditions shall be true with respect to each such disbursement:

Disbursements from Project Fund. Moneys on deposit in the Project Fund shall be disbursed in accordance with the Acquisition Funding Agreement to be entered into among the CMFA, the City and HomeFed Village 8, LLC with respect to the CFD (the “Acquisition Agreement”).

Disbursements from Project Fund. The proceeds of the Series 2002 Bonds deposited in the Project Fund will be disbursed by the Trustee in accordance with the terms of this Agreement upon receipt of a certificate (substantially in the form of Exhibit C attached to the Indenture) (i) signed by a Company Representative and (ii) approved by the Bank which contains the following information: (a) if the Company seeks reimbursement for Qualifying Costs paid by it, a statement of the amount and nature of the Qualifying Costs and the name and address of the payee of each item of the Qualifying Costs certified to have been paid by and requested to be reimbursed to the Company; or (b) if payment is to be made to someone other than the Company, a statement of the amount and nature of each item of Qualifying Costs certified to be due and payable and requested to be paid to a person other than the Company; and (c) a certificate for payment under paragraphs (a) or (b) of this Section must also contain a statement that each item for which payment or reimbursement is requested is or was necessary in connection with the Project and that such item has not formed the basis for any previous payment or reimbursement from the Project Fund. Upon receipt of the certificate the Trustee shall disburse funds from the Project Fund to the persons entitled thereto.

Disbursements from Project Fund. The moneys in the Project Fund shall be applied as provided in ARTICLE IV of the Trust Agreement and such moneys shall be invested and reinvested in accordance with the Trust Agreement.

Disbursements from Project Fund. The Authority and the Borrower hereby agree that the moneys in the Project Fund shall be applied to the payment of the Cost of the Project and otherwise as provided in accordance with ARTICLE IV of the Trust Agreement and substantially to the extent of the estimates of the Cost of the Project set forth in the application filed with the Authority, as such application may be amended from time to time, and such moneys shall be invested and reinvested in accordance with the Trust Agreement.

Disbursements from Project Fund. Section 7.1 Provisions Regarding Approval of Requisitions. Disbursements from the Project Fund shall occur not more frequently than monthly. Approval by the Bank of disbursements from the Project Fund shall be conditioned upon the submission of requisitions on forms provided by the Bank to the Bank by the Borrower showing the cost of the Equipment in place with such requisitions to be properly certified and executed by the Borrower. Upon request of the Bank, the Borrower shall exhibit to the Bank at any time receipts, vouchers, statements, bills of sale or other evidence as available to the Borrower satisfactory to the Bank of actual payment of such Cost of the Project. Within ten (10) days after each payment hereunder, the Borrower shall, if requested by the Bank, deliver to the Bank a receipt executed by the Person receiving payment for the equipping of the Project for each payment made to it.