1982-140 - Laserfiche WebLink

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out of the Project Fund, from time to time, amounts (not exceeding the sum of the principal amount of the Bond, the net amount of any income realized through the investment of amounts held for the credit of the Project Fund, and any other amounts deposited into the Project Fund Pursuant to the Loan Agreement) required to pay the Cost (as defined in the Loan Agreement) of Acquisition of the Project, upon receipt of the following: (a) A requisition and attached certificate (substantially in the form of Exhibit attached hereto), signed by the Authorized Representative as defined in the Loan Agreement), stating to whom the payment is to be made, the purpose in reaso- nable detail for which the obligation to be paid was incurred and stating: (1) That the obligation stated on the requisition has been incurred by the Proprietor relating to the Acquisition of the Project, and that each item is a proper charge against the Cost of the Project and that the obligation has not been the basis for a prior requisition which has been paid; (2) that to the best of the Proprietor's knowledge, no written notice of any lien, right to lien or attachment upon, or claim affecting the right to receive payment of, any of the money payable under such requisition to any of the persons, firms or cor- porations named therein has been received, or if any notice of any such lien, attachment or claim has been received, such lien, attachment or claim has been released or discharged or will be released or discharged upon the payment of the requisition; (3) that such requisition contains no items repre- senting payment on account of any retained percentages entitled to be retained at the date of the certificate; (4) that the payment of such requisition will not result in less than substantially all of the proceeds of the Bond having been expended under such requisition and all prior requisi- tions having been used for the acquisition, construction, recon- struction or improvement of land or property of a character subject to the allowance for depreciation within the meaning of Section 103(b)(6)(A) of the Code; (5) the percentage of completion of the acquisition and construction of the improvements to be constructed on the Project Site in accordance with the Plans and Specifications and the machinery and equipment which will constitute part of. the Project (such improvements, machinery and equipment being hereinafter referred to as the "Improvements") and the value of the -- Improvements completed at that time;-- -11-