Limitations on Disbursements. If any of the above conditions are not satisfied, as determined by Bank, in its sole discretion, Bank shall not be obligated to disburse any Loan proceeds. In addition to the foregoing requirements, Bank reserves the right to require the Borrower to furnish prior to each disbursement at Borrower's expense: (a) a waiver of lien or release of lien from any contractor, subcontractor, supplier, laborer or other lienor who has furnished labor, materials, or other services for construction of the Improvements or who has issued a Notice to Owner or filed a claim of lien; (b) a certificate from the architect, engineer, or Bank's inspector, certifying that the Improvements have been completed to date in accordance with the plans and specifications or have been substantially completed in accordance with the plans and specifications; (c) a foundation or as-built survey; (d) any permits, certificate of occupancy, licenses, or other evidence of compliance with applicable laws and building codes; (e) an endorsement to Bank's title policy or other form of title update satisfactory to Bank evidencing that the Security Instrument continues to be a first lien on the Property and that no intervening liens or other encumbrances not consented to by Bank have been filed against the Property since the recordation of the Security Instrument; (f) affidavit of the Borrower that each person or entity supplying materials or performing labor or services in connection with the Improvements has been paid in full; (g) such other items as may be required by the Bank in its discretion.
Limitations on Disbursements. Notwithstanding recording of the Deed of Trust or anything contained in this Agreement, Bondowner Representative will not be required to make any Disbursement unless and until Borrower has satisfied all applicable conditions to such Disbursement set forth in the Disbursement Agreement. No Disbursement shall be made after December 31, 2015, notwithstanding anything to the contrary contained in any construction contract or any other document unless there is first delivered to the Trustee an opinion of Bond Counsel to the effect that such Disbursement will not adversely affect the exclusion of interest on the Bonds from gross income for federal income tax purposes.
Limitations on Disbursements. The aggregate amount disbursed ---------------------------- by the Certificate Purchasers hereunder shall not exceed (i) in the case of Acquisition Costs, the lesser of (A) $12,000,000 or (B) the actual Acquisition Costs, as supported by the Appraisal, (ii) in the case of Construction Costs and Transaction Costs, the lesser of (A) $6,000,000 or (B) the excess of (x) the as- built Fair Market Value of the Leased Property, including the Financed Improvements, over (y) $12,000,000, and
Limitations on Disbursements. If any of the above conditions are not satisfied, as determined by Bank, in its sole discretion, Bank shall not be obligated to disburse any Loan proceeds. In addition to the foregoing requirements, Bank reserves the right to require Borrower to furnish prior to each disbursement at Borrower’s expense: (a) a waiver of lien or release of lien from any contractor, subcontractor, supplier, laborer or other lienor who has furnished labor, materials, or other services for construction of the Improvements; (b) a certificate from the architect, engineer, or Bank’s inspector, certifying that the Improvements have been completed to date in accordance with the Plans; (c) any permits, certificate of occupancy, licenses, or other evidence of compliance with applicable laws and building codes; (d) an affidavit of Borrower that each person or entity supplying materials or performing labor or services in connection with the Improvements has been paid in full; and (e) such other items as may be required by Bank in its discretion.
Limitations on Disbursements. Lender shall not be obligated to make any Disbursements to the Borrower:
Limitations on Disbursements. Except as and to the extent expressly permitted in Section 5.6(c) and Section 5.6(d), or as otherwise expressly approved in writing by Mezzanine Lender in its sole discretion, Borrower shall not make, or cause to be made, any disbursements of Collection Account Funds from the Collection Account.
Limitations on Disbursements. Disbursement of the Loan proceeds shall be made in two (2) fundings. The first disbursement shall be in the amount of $_____________ and shall be made upon the delivery and acceptance of not less than the first five Units. The second disbursement of the Loan proceeds shall be made by Lender upon the final delivery and acceptance of all ten Units, or less if approved by Lender in its sole discretion. In addition to compliance with the conditions of lending provided in section 2.10 hereof, Borrower shall, in connection with each disbursement, execute a pay proceeds letter in form and substance acceptable to Lender directing payment of such loan proceeds directly to Trinity Industries, Inc. and such other persons as may be acceptable to Lender. Borrower shall also deliver to Lender prior to each funding, such invoices, statements, vouchers and other sale documents and proof of ownership by Borrower in connection with each Unit as may be acceptable to Lender. Notwithstanding a partial funding of the Units by the first funding, Lender's lien shall be a first priority lien in all of the Units at any time delivered to Borrower.
Limitations on Disbursements. Borrower shall be entitled to disbursements of the A & D Loan only in accordance with the terms and conditions of the applicable A & D Loan Disbursement Schedule (unless waived or modified by Lender) and, in addition, the following conditions (unless waived or modified by Lender):
Limitations on Disbursements. Borrower shall be entitled to disbursements of the Construction Loan only in accordance with and subject to the following conditions (unless waived or modified by Lender):
Limitations on Disbursements. The aggregate amount Funded by the Participants hereunder on the Advance Date shall not exceed $17,057,000, which shall include not more than $16,639,118.57 to finance the Purchase Price and not more than $417,881.43 for Transaction Costs. The proceeds of all amounts Funded by the Participants on the Advance Date shall be used solely for the acquisition of the Leased Property and the payment or reimbursement of Transaction Costs. Notwithstanding anything in this Agreement to the contrary, none of Certificate Trustee, Agent or any Participant shall be obligated to make any Funding or the Advance pursuant to this Agreement, the Trust Agreement, or the Loan Agreement after 1:00 p.m. Los Angeles, California time, on September 1, 1998, and no Advance shall occur following such date and time.
