Temporary Period. The Recipient reasonably expects that at least eighty-five percent (85%) of the Project Funds will be allocated to expenditures for the Project within three (3) years of the earlier of the effective date of this Agreement or the date the Bonds are issued ("Applicable Date"). The Recipient has incurred, or reasonably expects that it will incur within six (6) months of the Applicable Date, a substantial binding obligation (i.e., not subject to contingencies within the control of the Recipient or a related party) to a third party to expend at least five percent (5%) of the Project Funds on the costs of the Project. The completion of acquisition, construction, improvement and equipping of the Project and the allocation of Project Funds to expenditures for the Project will proceed with due diligence.
Temporary Period. 4.1. Lessee expects, within six months from the date hereof, (a) to have had disbursed from escrow an amount in excess of the lesser of 2 1/2% of the amount deposited in escrow by Lessor or $100,000, or (b) to enter into binding obligations with third parties obligating Lessee to spend such amount.
Temporary Period. The District reasonably expects that at least 85% of the Project Funds will be allocated to expenditures for the Project within 3 years of the earlier of the effective date of the SRF Loan Agreement or the date the Bonds (as defined in the SRF Loan Agreement) are issued ("Applicable Date"). The District has incurred, or reasonably expects that it will incur within 6 months of the Applicable Date, a substantial binding obligation (i.e., not subject to contingencies within the control of the District or a related party) to a third party to expend at least 5% of the Project Funds on the costs of the MST Project. The District reasonably expects that the completion of acquisition, construction, improvement and equipping of the MST Project and the allocation of Project Funds to expenditures for the MST Project will proceed with due diligence.
