Common use of Application of Proceeds of PID Bonds Clause in Contracts

Application of Proceeds of PID Bonds. In connection with the issuance and delivery of PID Bonds, proceeds of the Bonds shall be deposited to the credit of the “Project Fund” (to be defined in the Indenture) the balance remaining from the proceeds of the PID Bonds after the deposits for the payment of interest, costs of issuance, the debt service reserve account (if any) and such other funds and accounts as will be more specifically described in the Indenture. Moneys in the Project Fund shall be disbursed by the Trustee to TSVI to pay or reimburse TSVI for Reimbursable Costs of PID-Eligible components and the incidental and other costs and expenses eligible for payment from the proceeds of the Bonds under the PID Act and the Indenture, pursuant to disbursement procedures set forth in the Indenture.

Application of Proceeds of PID Bonds. In connection with the issuance and delivery of PID Bonds, proceeds of the Bonds shall be deposited to the credit of the “"Project Fund” " (to be defined in the Indenture) the balance remaining from the proceeds of the PID Bonds after the deposits for the payment of interest, costs of issuance, the debt service reserve account (if any) and such other funds and accounts as will be more specifically described in the Indenture. Moneys in the Project Fund shall be disbursed by the Trustee to TSVI to pay or reimburse TSVI for Reimbursable Costs of PID-Eligible components and the incidental and other costs and expenses eligible for payment from the proceeds of the Bonds under the PID Act and the Indenture, pursuant to disbursement procedures set forth in the Indenture.