1983-102 - Laserfiche WebLink

Home Browse Search

of a part of the Cost of the Project and is a proper charge against the Project Fund, has not been theretofore reimbursed to the Borrower or otherwise been the basis of any previous withdrawal, and the Borrower is entitled to reimburse111ent thereof; (5} that the Person signing such requisition has no notice of any mechanics', materialmen's, suppliers', vendors' or other similar lien or right to lien, chattel mortgage or conditional sale contract, or other. contract or obligation which should be satisfied or discharged before payment of such obligation is made; and (6) such payment, when added to all other payments previously made from the Project Fund, ~ill not result in less than substantially all (at least 90%) of the amounts expended from the Project Fund being expended and used for the acquisition, construction, reconstruction or improvement of land 0r property of a character subject to the allowance for depre- ciation within the meaning of Section l03(b)(9) of the Code, Section 4.4 Retention of Requisitions, For 6 years from the date thereof, the Trustee shall retain in its possession all requisitions received by it as in this Indenture required, subject to the inspection of the Issuer, its agents and representatives, the Borrower and the Bondholders and their representatives at all reasonable times at the Corporate Trust Office. Section 4,5 Surplus Funds. Upon completion of the Project in accordance with the provisions of the Loan Agreement, the Trustee shall be furnisheJ with a certificate of an Authorized Ilorrower Representative showing such co@pletion and the date thereof and the payment of the Cost thereof or the pro- visions necessary to be made for payment there of, If, after the Trustee shall have !let aside sufficient money for the payment of any re:naining part of the Cost of any of the foregoing, the balance on deposit in the Project Fund shall be less than an amount sufficient to purchase at a price not to exceeJ the par value thereof and interest thereon to the date of purchase ot" to redeem at the earliest possible date, any Bonds, such balance shall be paid into the BonJ Fund and the Project Fund shall be closed; but if such balance remaining in the Project Fund shall equal or exceed such amount, the Trustee shall deposit all of such balance remaining in the Project Fund into the Redemption Account and the Project Fund shall be closed. A.11 of such money so deposited to the credit of the Redemption /\ccount shall be promptl.t applied by the Trustee to the purchase or rejemption at rionds, to the extent possible, The Trustee shall (l) purchase oonds then Outstanding and available for such purpose as designated in writing by the IJorrow-er ,,..ithin 10 jays after the Completion Date, at a price not exceeJin::i-the par value thereof -38-