Final Disbursement of Funds Following Operating Date Sample Clauses

Final Disbursement of Funds Following Operating Date. If any ----------------------------------------------------- funds remain in the Construction Disbursement Account and/or the Completion Reserve Account and (a) the Isle-Black Hawk is Operating and has been Operating for at least the preceding thirty (30) days uninterrupted (and, in the event the Company exercised the Hotel Option, the hotel was completed more than thirty (30) days prior to the date hereof), subject only to Permitted Liens, (b) there is no ongoing construction in connection with the Isle-Black Hawk, including in connection with the hotel if the Company has exercised the Hotel Option, and (c) there exists no Default or Event of Default, then the Company shall have the right to request that the Disbursement Agent disburse all remaining funds in the Construction Disbursement Account and the Completion Reserve Account. Upon receipt by the Disbursement Agent of (a) a written certification from the Company that (i) the Isle-Black Hawk is Operating and has been Operating for at least the preceding thirty (30) days uninterrupted (and, in the event the Company exercised the Hotel Option, the hotel was completed more than thirty (30) days prior to the date hereof), subject only to Permitted Liens, (ii) there is no ongoing construction in connection with the Isle-Black Hawk or the hotel, if the Company exercised the Hotel Option, and (iii) the Disbursement Agent has not received written notice by any party hereto that a Default or Event of Default exists, and (b) a written certification from the Independent Construction Consultant concurring with the certifications set forth in subsection (a)(i) and (ii) hereof, then the Disbursement Agent shall disburse all remaining funds in the Construction Disbursement Account and the Completion Reserve Account, as directed by the Company (the "FINAL DISBURSEMENT"); provided, however, that the Disbursement Agent shall first disburse funds to the -------- ------- Disbursed Funds Account in amounts certified in writing by the Independent Construction Consultant as sufficient to pay any then unpaid Retainage Amounts (which shall be applied accordingly), and no additional sums shall be distributed until the Disbursement Agent shall have received a certificate from the Independent Construction Consultant certifying that it has received unconditional lien waivers from all contractors, subcontractors, materialmen or suppliers relating to construction of the Isle-Black Hawk; provided, further, -------- ------- that all f...
Sample 1
AutoNDA by SimpleDocs
Final Disbursement of Funds Following Operating Date. If the Authority provides written certification to the Escrow Agent that (a) the Expanded Resort is Completed, has commenced operations and the Expanded Resort continues to be operating as of the date of the certification and (b) funds remain in the Reserve Account as of the date of the certification then, the Escrow Agent shall disburse all remaining funds in the Reserve Account to the Tribe within five business days.
Sample 1
Final Disbursement of Funds Following Operating Date. If (a) the Bossier City Project is Operating and (b) any funds remain in the Construction Disbursement Account, then the Company shall have the right to request that the Disbursement Agent disburse all remaining funds in the Construction Disbursement Account. Upon receipt by the Disbursement Agent of (a) a written certification from the Company that (i) the Bossier City Project commenced Operating, and the Bossier City Project continues to be Operating as of the date of the certification, (ii) no Event of Default has occurred and is continuing and no facts or circumstances exist which, with the passage of time, would constitute an Event of Default and (iii) the Company has generated Consolidated Cash Flow in an amount equal to or greater than the amount remaining in the Construction Disbursement Account, and (b) a written certification, from the Independent Construction Consultant concurring with the certifications set forth in subsection (a)(i) hereof, then the Disbursement Agent shall disburse all remaining funds in the Construction Disbursement Account, if any, as directed by the Company (the "FINAL DISBURSEMENT"); provided, however, that the Disbursement Agent shall first disburse funds to the Disbursed Funds Account in amounts certified in writing by the Independent Construction Consultant as sufficient to pay any then unpaid Retainage Amounts and upon receipt of a certificate from the Independent Construction Consultant certifying that it has received unconditional lien waivers from all contractors, subcontractors, materialmen or suppliers relating to construction of the Bossier City Project; provided, further, that all finds disbursed to the Company pursuant to this SECTION 8.4 shall be used by the Company as required pursuant to SECTION 4.10 of the Indenture.
Sample 1
Final Disbursement of Funds Following Operating Date. Provided that no Event of Default has occurred and is continuing, any funds allocated to a New Club that remain in the Disbursement Account after such New Club has been Operating (other than funds retained to pay Construction Costs or discharge Liens with respect to such New Club) may be disbursed to the Company Party that owns or operates such New Club in accordance with the provisions of this Section (the "Final Disbursement"). Upon receipt by the Disbursement Agent of a written certification from such Company Party that (i) such New Club is Operating, and (ii) no Event of Default exists, then the Disbursement Agent shall disburse the Final Disbursement as directed by such Company Party.
Sample 1
Final Disbursement of Funds Following Operating Date 
Sample 1

Related to Final Disbursement of Funds Following Operating Date

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Monthly Disbursements Not more frequently than once per calendar month, Tenant may deliver to Landlord: (i) a request for payment of Tenant’s contractor, approved by Tenant, in AIA G-702/G-703 format or another format reasonably requested by Landlord, showing the schedule of values, by trade, of percentage of completion of the Tenant Improvement Work, detailing the portion of the work completed and the portion not completed (which approved request shall be deemed Tenant’s approval and acceptance of the work and materials described therein); (ii) invoices from all parties providing labor or materials to the Premises; (iii) executed conditional mechanic’s lien releases from all parties providing labor or materials to the Premises (along with unconditional mechanic’s lien releases for any prior payments made pursuant to this paragraph) satisfying California Civil Code § 3262(d); and (iv) all other information reasonably requested by Landlord. Within 30 days after receiving such materials, Landlord shall deliver a check to Tenant, payable jointly to Tenant and its contractor, in the amount of the lesser of (a) the amount requested by Tenant pursuant to the preceding sentence, less a 10% retention (the aggregate amount of such retentions shall be referred to in this Work Letter as the “Final Retention”), or (b) the amount of any remaining portion of the Allowance (not including the Final Retention). Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance of the work or materials described in Tenant’s payment request.

  • Loan Commitment Disbursement to Borrower Except as expressly and specifically set forth herein, Lender has no obligation or other commitment to loan any funds to Borrower or otherwise make disbursements to Borrower. Borrower hereby waives any right Borrower may have to make any claim to the contrary.

  • Disbursement of Funds to Eligible Grantees Funds will be disbursed monthly, in arrears.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Interest for Account of Swing Line Lender The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Resignation as L/C Issuer or Swing Line Lender after Assignment Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’ notice to the Company and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Company, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”).

Time is Money Join Law Insider Premium to draft better contracts faster.