Common use of Project Fund Clause in Contracts

Project Fund. (a) All proceeds of the Funding Loan provided by the Funding Lender shall be deposited to the Project Fund and disbursed as herein provided. On the Closing Date, the Borrower shall deposit or cause to be deposited with the Fiscal Agent, for deposit in the Equity Account of the Project Fund, the amount of $[ ]. The Fiscal Agent shall use moneys in the Project Fund for the construction and development of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and credited to the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, representing the proceeds of the Funding Loan, including Investment Income thereon, will be expended for Qualified Project Costs (the “97% Requirement”). The amounts on deposit in the Project Fund shall not be applied to the payment of Closing Costs. Before any payment shall be made from the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company for recordation in the official records of the County of Santa Xxxxx and there shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as EXHIBIT C and approved by the Funding Lender pursuant to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender. The Fiscal Agent shall be entitled to conclusively rely upon any Written Requisition in determining whether to disburse amounts from the Project Fund. In connection with a Written Requisition, except for a written request for amounts representing accrued interest due and payable on the Governmental Lender Note:

Project Fund. (a) All The proceeds of the Funding Loan provided by the Funding Lender shall be deposited to the Note Proceeds Account of the Project Fund and disbursed as herein providedprovided herein. On the Closing Date, All proceeds of the Borrower Deferred Equity, as well as any additional amounts delivered from time to time to the Fiscal Agent by or on behalf of the Borrower (excluding any proceeds of the Funding Loan) shall deposit or cause to be deposited with the Fiscal Agent, for deposit in to the Equity Account of the Project Fund, the amount of $[ ]. The Fiscal Agent shall use disburse moneys in the Project Fund for the construction acquisition, rehabilitation, development and development equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 9795% of the moneys deposited in and credited to the Note Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, Fund representing the proceeds of the Funding Loan, including Investment Income thereon, will be expended for Qualified Project Costs (the “9795% Requirement”). The amounts on deposit in the Note Proceeds Account of the Project Fund shall not be applied to the payment of Closing Costs. Before any payment shall be made from the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company for recordation in the official land evidence records of the County City of Santa Xxxxx Providence in Providence County, Rhode Island and there shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as EXHIBIT C and approved by the Funding Lender pursuant to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender. The Fiscal Agent shall be entitled to conclusively rely upon any Written Requisition in determining whether to disburse amounts from the Project Fund. In connection with a Written Requisition, except for a written request for amounts representing accrued interest due and payable on the Governmental Lender NoteAgent:

Project Fund. (a) All Any amounts delivered from time to time to the Fiscal Agent by or on behalf of the Borrower (excluding any proceeds of the Funding Loan provided by the Funding Lender Bank Loan) shall be deposited to the Project Fund and disbursed as herein provided. On the Closing Date, the Borrower shall deposit or cause to be deposited with the Fiscal Agent, for deposit in the Equity Account of the Project Fund, . Whether disbursed by the amount of $[ ]. The Fiscal Agent or by the Bank directly to the Borrower, proceeds of the Bank Loan shall use moneys in be deemed to have been disbursed from the Note Proceeds Account of the Project Fund solely for the construction acquisition, rehabilitation and development equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and and/or credited or deemed credited to the Tax-Exempt Subaccount of the Note Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Bank Loan (if any) deposited in and/or credited to or deemed credited to the Closing Costs Fund, representing the proceeds of the Funding LoanGovernmental Lender Tax-Exempt Note, including Investment Income thereon, will be expended for Qualified Project Costs (the “97% Requirement”). The No more than 2% of the amounts on deposit deposited in and/or credited or deemed credited to the Tax-Exempt Subaccount of the Note Proceeds Account of the Project Fund shall not be applied to the payment of Closing CostsCosts of Issuance (as defined in the Regulatory Agreement). Before any payment shall be made (or deemed made) from the Note Proceeds Account of the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company the Title Company together with instructions for recordation in the official records of the County of Santa Xxxxx County, and there the Title Company shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as EXHIBIT C have accepted and approved by the Funding Lender pursuant agreed to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender. The Fiscal Agent shall be entitled to conclusively rely upon any Written Requisition in determining whether to disburse amounts from the Project Fund. In connection with a Written Requisition, except for a written request for amounts representing accrued interest due and payable on the Governmental Lender Note:such instructions.

Project Fund. (a) All The proceeds of the Funding Loan provided shall be deposited by the Fiscal Agent to the Note Proceeds Account of the Project Fund﷒. All proceeds of the Borrower Deferred Equity, as well as any additional amounts delivered from time to time to the Fiscal Agent by or on behalf of the Borrower (excluding any proceeds of the Funding Lender Loan) shall be deposited to the Project Fund and disbursed as herein provided. On the Closing Date, the Borrower shall deposit or cause to be deposited with the Fiscal Agent, for deposit in the Equity Account of the Project Fund, the amount of $[ ]. The Fiscal Agent shall use disburse moneys in the Project Fund for the construction acquisition, rehabilitation and development equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and credited to the Note Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, representing the proceeds of the Funding Loan, including Investment Income thereon, will be expended for Qualified Project Costs (the “97% Requirement”). The No more than 2% of the amounts on deposit in deposited to the Note Proceeds Account of the Project Fund shall not be applied to the payment of Closing Costs. Before any payment shall be made from the Note Proceeds Account of the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company for recordation in the official records of the County of Santa Xxxxx Xxxxx, and there shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as EXHIBIT Exhibit C and approved consented to by the Funding Lender pursuant to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender. The Fiscal Agent shall be entitled to conclusively rely upon any Written Requisition in determining whether to disburse amounts from the Project Fund. In connection with a Written Requisition, except for a written request for amounts representing accrued interest due and payable on the Governmental Lender Note:.