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.\RTICLE IV ,I\CQU IS IT ION AND CONSTRUCTION OF PROJEC'r; DISOURSEMENT OF FUNDS Section 4,1 Application of Oond Proceeds, The Issuer ,;hall ~i'.ly to the Trustee the proceeds from the sale of the Bonds pt:J;:1;::,t t y .lpon receipt of the same from the purchaser or purcha- sers ~f ~he ilonds, From such proceeds a nd promptly upon receipt ther~Jf, ~he Trustee shall pay to those entitled to receive the sa;.ie, 111 i!Xpenses of the issuance o~ the Bonds upon presentation 0i st~t~~ents therefor, which such expenses shall be approved by u repr~~entative of the Borrower. ~ection 4.2 Project Fund. There is hereby created and -?st~l}Lished with the Trustee a Pro ject Fund. After making the p.,y:nent:.1 r-•~·-1uired by Section 4.1 hereof, the Trustee shall depo- s i~ ~LL ~f the balance of the proceeds from the sa le of the Bonds i~ the ~roJect Fund . The money in the Proj ect Fund, until applied in !,)ayment 0f 1ny item of the Cost of the Project, shall be held in trust by t~e ~ru~~ee and, pending such application, shall be subject to a lien .1n.i charge in favor of the holders of the Bonds and for the f~rther ~ecurity of such holders until paid out as herein pr~vi.JuJ. 7he rssuer covenants that the acquisition, construction -11\..l ,1quip,n ent Jf the Project will be completed according to the r,rovi.Hons Jf the Loan Agreement, The Issuer's liability for completion of the Project shall be limited to the performance t:ier-:?of by the Borrower pursuant to the Agreement . Section 4.3 Requisitions. The Trustee shall make pay- ~ent3 fro~ the Pro ject Fun<.l to pay the Cost of the Proj ect upon recei.pt iJY the Trustee of requisitions (upon which both the T~~st 2e ~n<l the Issuer shall rely and shal l be protecte~ in rel1 i:1J) s i •Jne<l by an Authorized narrower Reprasentative, stating with respect to each payment to be made: (1) the requisition nu,:iber, {2) the name an,l address of the Person to whom payment is Ju~ {,:>r, in thl:! case of payments to the Oond fund, i.n stru·ctions tu ,nar.e :.uch payments to the 8onu fund), ( 3) the amount to be pai<l, (4) ch-1t each obligation, item of cost or expense mentioned th~rein ha.s been properly incurred, is in payment of a part of the Co~t of the Project and is a proper charge against the ProJect lund and has not been the basis of any previous with- lr:iw,\l, ,:,r that each obligation, i.tem of cost O'C' expense men- ti·J1111•l ther~in has been paiJ by the Dor rower, is a re imbursemen t -37-