Agenda - 06-24-1986 - Laserfiche WebLink

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Section 8 . Notation of Payments. The Holder shall permit the Authority, at any time during regular business hours , to make at its office an appropriate notation or notations on the Bond of payments of principal thereof , if at least five days prior thereto the Authority shall have given written notice of its intention to do so and if it shall not have received from such Holder a written confirmation that the requested notation or notations shall have been made by such Holder. In the event that the Bond shall be transferred as permitted by Section 7 hereof, the transferor will make or will cause to be made notations thereon of all payments of principal with respect to which no prior notations have been made and of the date to which interest thereon has been paid. Section 9 . Proiect Fund. The proceeds of the sale of the Bond to the Purchaser shall be set aside in trust with NCNB National Bank of North Carolina, at its office in Charlotte, North Carolina, as depositary ( the "Depositary" ) , for the account of the Authority but for the benefit of the Company in a special account designated "The Orange County Industrial Facilities and Pollution Control Financing Authority ( Isotechnologies, Project Fund" (the "Project Fund" g Inc. Project) of the Project Fund, from time to )time,h amounts Depositary shall pay the principal amount of the Bond and the net amount tofexceeding any income realized through the investment of amounts held for the credit of the Project Fund) required to pay the Cost of Acquisition of the Project (as defined in the Loan Agreement) , upon receipt by the Purchaser and the Depositary of the following: (a) A requisition and attached certificate (substan- tially in the form of the first two paragraphs of the "Requisition and Certificate" attached hereto and hereby deemed incorporated herein) , signed by the Company Represen- tative (as defined in the Loan Agreement) stating to whom the payment described therein is to be made and the purpose, in reasonable detail, for which the obligation to make such payment was incurred and including, if such requisition and certificate comprises an item for payment for labor or to contractors, builders or materialmen, a paragraph in the form of the last paragraph of the attached form of "Requisition and Certificate, " appropriately completed and including appropriate invoices; (b) Evidence satisfactory to the Purchaser that there are sufficient funds available to complete the Project; and (c) Unless otherwise covered by a filing on or before the Closing Date, evidence satisfactory to the Depositary that the Company has filed, with respect to all financing statements filed pertaining to the Project, an amendment satisfying the requirements of Section 9-402 of the Uniform 9.