Application of Moneys in CFA Consolidated Hotel Bond Fund Sample Clauses

Application of Moneys in CFA Consolidated Hotel Bond Fund. Notwithstanding any other ordinance, resolution or action to the contrary, and so long as any Phase II Bonds are outstanding, the moneys in the CFA Consolidated Hotel Bond Fund shall be, and hereby are, appropriated for the purposes set forth herein, and the Governing Body of the DS DRAFT 4/8/19 Deleted: 2 Authority shall take whatever action is required to make, affirm or ratify such appropriation. Only the following payments shall be made by the Authority out of the CFA Consolidated Hotel Bond Fund and in the following order, but only to the extent moneys in the CFA Consolidated Hotel Bond Fund are sufficient for the purpose: FIRST, as needed to pay any rebate liability or yield reduction payments under the Code related to Senior Xxxx Xxxxx not otherwise provided for; SECOND, by not later than the 15th day of each month, commencing when required by the Senior Lien Indenture, to the Senior Lien Trustee for deposit in the bond payment fund to be created by the Senior Lien Indenture, an amount equal to the preceding month’s Net Operating Income plus the City Excise Tax Contribution and CFA Project Excise Tax Proceeds received since the preceding such payment (or in the case of the first such payment, the Phase II Closing Date) until an amount equal to the then current Bond Year’s principal and interest requirements for the Senior Xxxx Xxxxx, after taking into account any applicable capitalized interest, is on deposit in such bond payment fund; THIRD, when required by the terms of the Senior Lien Indenture, to the Senior Lien Trustee in immediately available funds, any amount needed to replenish the debt service reserve fund held by the Senior Lien Trustee for the Senior Xxxx Xxxxx; FOURTH, as needed to pay any rebate liability or yield reduction payments under the Code related to Subordinate Xxxx Xxxxx not otherwise provided for; FIFTH, and subject to paragraph SECOND above, on each Phase II CFA Rent Payment Date, to the Subordinate Lien Trustee for deposit in the bond payment fund to be created by the Subordinate Lien Indenture, the amount of Phase II CFA Rent then due and payable by the Authority under the Phase II CFA Sub-Lease after taking into account any applicable capitalized interest; SIXTH, when required, any Subordinate Management Fees; SEVENTH, when required, any Subordinate FF&E; EIGHTH, each November 15, to the City and the County, an amount equal to any moneys advanced with regard to the 2010 Bonds by the City and the County, respectively, and...
Sample 1
AutoNDA by SimpleDocs

Related to Application of Moneys in CFA Consolidated Hotel Bond Fund

  • Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the Property In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property (each, a “Partial Devaluation”) where the fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the Partial Devaluation, a percentage of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in writing. The amount of the Miscellaneous Proceeds that will be so applied is determined by multiplying the total amount of the Miscellaneous Proceeds by a percentage calculated by taking (i) the total amount of the sums secured immediately before the Partial Devaluation, and dividing it by (ii) the fair market value of the Property immediately before the Partial Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower. In the event of a Partial Devaluation where the fair market value of the Property immediately before the Partial Devaluation is less than the amount of the sums secured immediately before the Partial Devaluation, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not the sums are then due, unless Borrower and Lender otherwise agree in writing.

  • Application of Miscellaneous Proceeds upon Damage to Property If the Property is damaged, any Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or repair to be economically feasible and Lender’s security will not be lessened by such restoration or repair. During such repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to ensure the work has been completed to Lender’s satisfaction (which may include satisfying Lender’s minimum eligibility requirements for persons repairing the Property, including, but not limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to be economically feasible or Lender’s security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that Partial Payments are applied in Section 2(b).

  • Application of Moneys All moneys received by the Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Agent’s discretion, shall be applied in the following manner:

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Exclusion of applications on preliminary points of law Any recourse to any Court for the determination of a preliminary point of law arising in the course of the arbitration proceedings is excluded.

  • Assignment of Miscellaneous Proceeds Borrower is unconditionally assigning the right to receive all Miscellaneous Proceeds to Lender and agrees that such amounts will be paid to Lender.

  • RIGHT OF ALLOTTEE TO USE COMMON AREAS AND FACILITIES SUBJECT TO PAYMENT OF TOTAL MAINTENANCE CHARGES The Allottee hereby agrees to purchase the [Apartment/Plot] on the specific understanding that is/her right to the use of Common Areas shall be subject to timely payment of total maintenance charges, as determined and thereafter billed by the maintenance agency appointed or the association of allottees (or the maintenance agency appointed by it) and performance by the Allottee of all his/her obligations in respect of the terms and conditions specified by the maintenance agency or the association of allottees from time to time.

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

Time is Money Join Law Insider Premium to draft better contracts faster.