Application of Moneys in Event of Default. Any money received by the Trustee under this Article VIII shall be applied in the order listed below (provided that any money received by the Trustee upon drawing under the Letter of Credit together with Available Moneys on deposit in the Bond Fund and available for payment of principal and interest on all Outstanding Bonds any money held by the Trustee upon the nonpresentment of Bonds and any money held by the Trustee for the defeasance of Bonds pursuant to Article XI shall be applied only as provided in clause (b) below and only to pay outstanding principal and accrued interest as provided in the Letter of Credit, with respect to the Bonds):
(a) to the payment of the fees and expenses of the Trustee including reasonable counsel fees and expenses, and any disbursements of the Trustee with interest thereon and its reasonable compensation;
(b) To the payment of principal and interest then owing on the Bonds, including any interest on overdue interest, and in case such money shall be insufficient to pay the same in full, then to the payment of principal and interest ratably without preference or priority of one over another or of any installment of interest over any other installment of interest;
(c) To the payment of any unreimbursed drawing under the Letter of Credit or other obligations owing by the Company to the Bank under the Reimbursement Agreement; and
(d) The surplus if any remaining after the application of the money as set forth above shall be paid to the Company or the person lawfully entitled to receive the same as a court of competent jurisdiction may direct.
Application of Moneys in Event of Default. All moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article shall be applied first to the costs and expenses of the proceedings resulting in the collection of such moneys and of the fees, expenses, liabilities and advances incurred or made by the Trustee (including any attorneys’ fees and expenses) or amounts to be paid pursuant to Section 903 and second to any obligations outstanding under the Lease and the Development and Performance Agreement. Any remaining moneys shall be deposited in the Bond Fund and applied as follows:
Application of Moneys in Event of Default. All moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article and any other moneys held as part of the Trust Estate shall be applied as follows:
Application of Moneys in Event of Default. Upon an Event of Default all moneys held or received by the Trustee pursuant to this Indenture, the Agreement or the Credit Facility or pursuant to any right given or action taken under this Article shall, after payment of the reasonable costs and expenses of the proceedings resulting in the collection of such moneys, be deposited in the Debt Service Fund (provided, however, Available Moneys shall be used only for payment of principal or interest on the Bonds) and all moneys so deposited in the Debt Service Fund shall be applied as follows:
Application of Moneys in Event of Default. Any moneys received by the Trustee under this Article XI shall be applied in the following order; provided that any moneys received by the Trustee from a drawing on the Credit Facility shall be applied to the extent permitted by the terms thereof only as provided in paragraph (b) below with respect to the principal of, and interest accrued on, Bonds other than Bonds held of record by or, to the knowledge of the Trustee, for the account of the Company after purchase thereof pursuant to Section 5.04(a)(iii) and other than Bonds held pursuant to Section 5.05 or otherwise registered in the name of the Company:
(a) to the payment of the expenses of the Trustee, including reasonable counsel fees and expenses, any disbursements of the Trustee with interest thereon and its reasonable compensation;
(b) to the payment of principal or redemption price (as the case may be) and interest then owing on the Bonds, including any interest on overdue interest, and in case such moneys shall be insufficient to pay the same in full, then to the payment of principal or redemption price and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest; and
(c) to the payment of any unpaid expenses of the Issuer, including reasonable counsel fees, incurred in connection with the Event of Default. The surplus, if any, shall be paid first to the Credit Facility Issuer to the extent of any amounts that the Company owes the Credit Facility Issuer pursuant to the Reimbursement Agreement (as certified in writing by the Credit Facility Issuer to the Trustee) and second (other than any moneys received by the Trustee from a drawing on a Credit Facility, if any) to the Company or the Person lawfully entitled to receive the same as a court of competent jurisdiction may direct.
Application of Moneys in Event of Default. Any moneys received ------------ ----------------------------------------- by the Trustee under this Article VIII shall be applied: FIRST: to the payment of the reasonable fees and expenses of the Trustee, including extraordinary trustee fees and reasonable attorneys' fees, any disbursements of the Trustee with interest thereon and its reasonable compensation; SECOND: to the payment of principal, premium, if any, and interest then owing on the Bonds, including any interest on overdue interest, and in case such moneys shall be insufficient to pay the same in full, then to the payment of principal or premium, if any, and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest; and
Application of Moneys in Event of Default. Any moneys received, collected or held by the Trustee following an Event of Default under the Indenture and any other moneys held as part of the Trust Estate (except for moneys held in the Rebate Fund or any defeasance escrow account) shall be applied in the following order:
(a) To the payment of the reasonable costs of the Trustee, including, but not limited to, its counsel fees, and disbursements of the Trustee, and the payment of its reasonable compensation, including any amounts remaining unpaid;
(b) To the payment of interest then owing on the Certificates, and in case such moneys shall be insufficient to pay the same in full, then to the payment of interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest; and
(c) To the payment of principal or redemption price (as the case may be) then owing on the Certificates, and in case such moneys shall be insufficient to pay the same in full, then to the payment of principal or redemption price ratably, without preference or priority of one Certificate over another. The surplus, if any, shall be paid to the District.
Application of Moneys in Event of Default. (a) All moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article shall, after payment of the cost and expenses of the proceedings resulting in the collection of such moneys and of the fees, expenses, liabilities and advances incurred or made by the Trustee, be deposited in the Bond Fund and all moneys so deposited in the Bond Fund shall be applied as follows:
(1) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be applied:
Application of Moneys in Event of Default. Any moneys received by the Trustee under this Article shall be applied in the following order:
(i) To the payment of the reasonable costs and expenses of the Trustee, including reasonable counsel fees and expenses, any disbursements of the Trustee with interest thereon at the prime rate of the Trustee and its reasonable compensation; and
(ii) To the payment of principal or redemption price (as the case may be) and interest then owing on the Bonds, and in case such moneys shall be insufficient to pay the same in full, then to the payment of principal or redemption price and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest; and
(iii) To the payment of reasonable costs and expenses of the Issuer, including reasonable counsel fees, incurred in connection with the Event of Default. The surplus, if any, shall be paid to the Company.
Application of Moneys in Event of Default. Any moneys received by the Trustee under this Article shall be applied, First: to the payment of the costs of the Trustee, including counsel fees, any disbursements of the Trustee with interest thereon and its reasonable compensation; and Second: to the payment of principal or redemption price (as the case may be) and interest then owing on the Bonds and in case such moneys shall be insufficient to pay the same in full, then to the payment of principal or redemption price and interest ratably, without preference or priority of one over another or of any installment of interest over any other installment of interest. The surplus, if any, shall be paid to the Company or the Bank, as provided in Section 6.08 hereof. Notwithstanding anything to the contrary herein or otherwise, moneys drawn under the Letter of Credit shall be applied only to the payment of principal or Purchase Price of, premium, if any, and accrued interest on the Bonds.
