Acquisition and Project Fund Held by Trustee Sample Clauses

Acquisition and Project Fund Held by Trustee. Upon the issuance of the first series of Bonds for an Improvement Area, the Authority will cause the Authority Trustee to establish and maintain a separate Acquisition and Project Fund for the purpose of holding all funds derived from that Improvement Area for the financing of Improvements. Separate subaccounts may be established for each issue of Bonds. All earnings on amounts in an Acquisition and Project Fund shall remain in such Acquisition and Project Fund for use as provided herein and pursuant to the applicable Authority Trust Agreement. Money in each and every Acquisition and Project Fund shall be available to respond to delivery of a Disbursement Request Form pursuant to Section 5.6 and to be paid to the Town or its designee or the Developer or its designee to pay the Acquisition Price of the Acquisition Improvements, all to the extent the Acquisition Price has not previously been paid from the Available Amount. Upon completion of all of the Acquisition Improvements and the payment of all costs thereof, any remaining funds in each Acquisition and Project Fund (less any amount determined by the Town as necessary to reserve for claims against the account) (i) shall be applied to pay the costs of any additional Acquisition Improvements eligible for acquisition with respect to the Project as approved by the Authority and (ii) to the extent not so used, shall be applied by the Authority to call Bonds or to reduce Special Taxes as the Authority shall determine.
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Related to Acquisition and Project Fund Held by Trustee

  • Replacement of Trustee A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

  • Removal of Trustee The Trustee may be removed at any time, by an instrument or concurrent instruments in writing delivered (a) to the Trustee and to the Issuer and the Company, and signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding, or (b) to the Trustee and the owners of all Bonds then Outstanding, and signed by the Issuer and the Company.

  • Adverse Operating Effects The NYISO or Connecting Transmission Owner shall notify the Interconnection Customer as soon as practicable if, based on Good Utility Practice, operation of the Small Generating Facility may cause disruption or deterioration of service to other customers served from the same electric system, or if operating the Small Generating Facility could cause damage to the New York State Transmission System, the Distribution System or Affected Systems, or if disconnection is otherwise required under Applicable Reliability Standards or the ISO OATT. Supporting documentation used to reach the decision to disconnect shall be provided to the Interconnection Customer upon request. If, after notice, the Interconnection Customer fails to remedy the adverse operating effect within a reasonable time, the NYISO or Connecting Transmission Owner may disconnect the Small Generating Facility. The NYISO or Connecting Transmission Owner shall provide the Interconnection Customer with five Business Day notice of such disconnection, unless the provisions of article 3.4.1 apply.

  • Duties of Trustee (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

  • Classes of Trust Fund Certificates The Trust Fund Certificates authorized by this Trust Agreement shall be divided into the Classes listed on the cover of the Prospectus Supplement (other than the Class 46-RL Certificate), which Classes shall have the Class designations, original Class Balances, Interest Rates and Final Distribution Dates specified in the Prospectus Supplement.

  • REMIC Declarations; Other REMIC Matters (a) The Issuer hereby declares its intent that the Trust (or the applicable portion thereof) formed pursuant to the related Trust Documents will constitute, and the affairs of such Trust (or the applicable portion thereof) will be conducted so as to qualify as, one or more REMICs pursuant to Section 860D of Subchapter M of Chapter 1 of the Internal Revenue Code; provided, however, that such portions of any Trust as are expressly excluded from any applicable REMIC in the related Issue Supplement will not constitute a part of any REMIC. The RL Class Certificate of each Two Tier Series or Three Tier Series is hereby designated as the sole “residual interest” in the related Lower Tier REMIC within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and the Lower Tier Regular Interests of each such Two Tier Series or Three Tier Series are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The RM Class Certificate of each Three Tier Series is hereby designated as the sole “residual interest” in the related Middle Tier REMIC within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and the Middle Tier Regular Interests of each such Three Tier Series are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The R Class Certificate of each Series is hereby designated as the sole “residual interest” in the Single Tier REMIC or Upper Tier REMIC of such Series, as applicable, within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and each remaining Class of Certificates of such Series (other than the RL Class Certificate and the RM Class Certificate, if any) is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The date designated as the “startup day” of each REMIC within the meaning of Section 860G(a)(9) of the Internal Revenue Code will be the Settlement Date specified in the related Issue Supplement.

  • Permissible Without Action by Certificateholders Xxxxxx Xxx and the Trustee, from time to time and at any time, may, without the consent of or notice (other than in the case of any instrument supplemental hereto pursuant to clause (b) below) to any Holder of a Certificate or a Lower Tier Regular Class, enter into an agreement or other instrument supplemental hereto and which thereafter shall form a part hereof, for any one or more of the following purposes:

  • DUTIES OF THE AGENTS IN CONNECTION WITH EARLY REDEMPTION 12.1 If the Issuer decides to redeem any Notes for the time being outstanding before their Maturity Date in accordance with the Conditions, the Issuer shall give notice of the decision to the Principal Paying Agent and, in the case of redemption of Registered Notes, the Registrar stating the date on which the Notes are to be redeemed and the nominal amount of Notes to be redeemed not less than 15 days before the date on which the Issuer will give notice to the Noteholders in accordance with the Conditions of the redemption in order to enable the Principal Paying Agent and, if applicable, the Registrar to carry out its duties in this Agreement and in the Conditions.

  • Concerning the Trustee Section 8.01 Duties of the Trustee........................................ Section 8.02 Certain Matters Affecting the Trustee........................ Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans........ Section 8.04 Trustee May Own Certificates................................. Section 8.05 Trustee's Fees and Expenses.................................. Section 8.06 Eligibility Requirements for the Trustee..................... Section 8.07 Resignation and Removal of the Trustee....................... Section 8.08

  • Liability of Trustee In exercising the rights and powers of the Trustee, the Trustee will exercise any rights and powers in the Trustee’s best judgment; provided, however, the Trustee shall not be liable for any action taken by such Trustee or the Trustee’s agent, except for liability arising from the Trustee’s bad faith, wilful misconduct or gross negligence. The Trustee shall not be required to give any bond or other security for the discharge of the Trustee’s duties.

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