Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) shall be deposited by the Trustee, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds received by the Trustee on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in Section 4.03(c) hereof with respect to certain deposits into the Redemption Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (vii) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV. (b) On each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds becomes due and payable, the Trustee, out of moneys in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To the Bond Fund from moneys, if any, in the Credit Facility Account of the Revenue Fund, an amount equal to the principal of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); and
Appears in 2 contracts
Samples: Trust Indenture, Trust Indenture
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) by Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except for each of the following:
(i) the proceeds of the Bonds received by the Trustee on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; Reserved.
(ii) as otherwise specifically provided in Section 4.03(c) hereof with respect to certain deposits Deposits into the Redemption Fund; Loan Prepayment Fund as required under subsection (c) of this Section 4.03.
(iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; .
(viiv) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (vii) with respect to amounts Amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Funding Loan Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, Fiscal Agent shall deposit each of the Bond Fund from moneysfollowing directly into the Loan Prepayment Fund:
(i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, if anysuch amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof.
(ii) Funds paid to Fiscal Agent to be applied to the optional prepayment of all of the Funding Loan pursuant to Section 3.01(a).
(iii) Reserved.
(d) Subject to Section 2.12 hereof, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Funding Loan Payment Date, Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (i) the Revenue Fund; and (ii) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee on the Delivery DateFiscal Agent pursuant to Section 2.01(b), which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and (2) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee on the Delivery DateFiscal Agent pursuant to Section 2.01(b), which shall be applied in accordance with the provisions of Section 2.11 2.12 hereof; (ii) as otherwise specifically provided in Section 4.03(csubsection (c) hereof below with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.13 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a) hereof; and (iii) amounts transferred to the Loan Prepayment Fund from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.13 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and (2) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred to the Loan Prepayment Fund from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and (2) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Casualty Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred to the Loan Prepayment Fund from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and (2) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) shall be deposited by the Trustee, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds received by the Trustee on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) amounts paid pursuant to the Credit Facility, which shall be deposited in the Credit Facility Account; (iii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds becomes due and payable, the Trustee, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(i) amounts paid to the Bond Fund from moneys, if any, in Trustee under the Credit Facility Account to be applied to the mandatory redemption of all or a portion of the Revenue Fund, an amount equal Bonds pursuant to the principal of and interest due on the Bonds on such date Section 3.01(b) hereof (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting other than a mandatory sinking fund redemption) and (ii) amounts paid to the Trustee under the Credit Facility to be applied to the optional redemption payment on any of all or a portion of the Bonds on such Interest Payment Date)pursuant to Sections 3.01(a)(i) and 3.01(a)(ii) hereof; and
(c) Promptly upon receipt, the Trustee shall deposit directly to the Redemption Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a
Appears in 1 contract
Samples: Trust Indenture
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To to the Bond Fund from moneys, if any, in the Credit Facility Account of the Revenue Loan Payment Fund, an amount equal to the principal of and interest due on the Bonds Funding Loan on such date (excluding including scheduled principal pursuant to the Funding Loan Amortization Schedule); and SECOND: to the Loan Prepayment Fund, an amount equal to the principal and interest due on the Funding Loan on such date with respect to a mandatory prepayment of all or interest a portion of the Funding Loan pursuant to Section 3.01(b) hereof (other any extraordinary mandatory prepayment as described in Section 4.03(c)(i) or (iii) below).
(c) Promptly upon receipt, the Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred to the Loan Prepayment Fund from the Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, should the amount in the Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such given Interest Payment Date), the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (i) the Revenue Fund; and
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee on the Delivery DateFiscal Agent pursuant to Section 2.01(b), which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To to the Bond Fund from moneys, if any, in the Credit Facility Account of the Revenue Loan Payment Fund, an amount equal to the principal of and interest due on the Bonds Funding Loan on such date (excluding including scheduled principal pursuant to the Funding Loan Amortization Schedule); and SECOND: to the Loan Prepayment Fund, an amount equal to the principal and interest due on the Funding Loan on such date with respect to a mandatory prepayment of all or interest a portion of the Funding Loan pursuant to Section 3.01(b) or 3.01(c) hereof (other than any extraordinary mandatory prepayment as described in Section 4.03(c)(i) or (iii) below).
(c) Promptly upon receipt, the Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred from the Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, should the amount in the Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such given Interest Payment Date), the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) shall be deposited by the Trustee, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds received by the Trustee on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) amounts paid pursuant to the Credit Facility, which shall be deposited in the Credit Facility Account; (iii) the Bond Fee Component received from the Servicer or the Borrower, which shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (ivv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (vvi) with respect to investment earnings to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (vii) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds becomes due and payable, the Trustee, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(i) amounts paid to the Bond Fund from moneys, if any, in Trustee under the Credit Facility Account to be applied to the mandatory redemption of all or a portion of the Revenue Fund, an amount equal Bonds pursuant to the principal of and interest due on the Bonds on such date Section 3.01(b) hereof (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting other than a mandatory sinking fund redemption) and (ii) amounts paid to the Trustee under the Credit Facility to be applied to the optional redemption payment on any of all or a portion of the Bonds on pursuant to Sections 3.01(a)(i) and 3.01(a)(ii) hereof; and
(c) Promptly upon receipt, the Trustee shall deposit directly to the Redemption Fund
(i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Bond Mortgage Loan, such Interest Payment Dateamount to be applied to reimburse the Credit Facility Provider for a draw under the Credit Facility in such amount to provide for extraordinary mandatory redemption of all or a portion of the Bonds pursuant to Section 3.01(b)(i); and(ii) Eligible Funds (other than draws under the Credit Facility) paid to the Trustee to be applied to the optional redemption of all or a portion of the Bonds pursuant to Section 3.01(a)(i) or 3.01(a)(ii);
Appears in 1 contract
Samples: Trust Indenture
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee on the Delivery DateFiscal Agent pursuant to Section 2.01(b), which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (vii) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.with
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; and (2) the Loan Prepayment Fund, an amount equal except no such charge to the principal Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); andprepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee on the Delivery DateFiscal Agent pursuant to Section 2.01(b), which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit to the Loan Prepayment Fund from moneys(i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, if anysuch amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; and (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a).
(d) Subject to Section 2.12 hereof, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund, an amount equal to the principal of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); and
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) funds delivered to the Fiscal Agent to be deposited in the Borrower Equity Account pursuant to Section 2.11 hereof, (iii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Fund; (iii) the Bond Fee Component shall be deposited to the Administration Loan Prepayment Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or and/or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To to the Bond Fund from moneys, if any, in the Credit Facility Account of the Revenue Loan Payment Fund, an amount equal to the principal of and/or interest due on the Funding Loan on such date (including scheduled principal pursuant to the Funding Loan Amortization Schedule); and SECOND: to the Loan Prepayment Fund, an amount equal to the principal and interest due on the Bonds Funding Loan on such date with respect to a mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b) hereof (excluding principal other any extraordinary mandatory prepayment as described in Section 4.03(c)(i) or (iii) below).
(c) Promptly upon receipt, the Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Casualty Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or interest a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred to the Loan Prepayment Fund from the Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, should the amount in the Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such given Interest Payment Date), the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund; andand (2) the Loan Prepayment Fund, except no such charge to the Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of prepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys All Revenues received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except (i) the proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; (ii) as otherwise specifically provided in subsection (c) of this Section 4.03(c) hereof 4.03 with respect to certain deposits into the Redemption Loan Prepayment Fund; (iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; (vi) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (viiiv) with respect to amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To :
(c) Promptly upon receipt, the Bond Fiscal Agent shall deposit directly to the Loan Prepayment Fund (i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof; (ii) funds paid to the Fiscal Agent to be applied to the optional prepayment of all of the Funding Loan pursuant to Section 3.01(a); and (iii) amounts transferred to the Loan Prepayment Fund from moneysthe Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, if any, should the amount in the Credit Facility Account Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any given Interest Payment Date, the Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (1) the Revenue Fund, an amount equal to the principal of and interest due on the Bonds on such date (excluding principal of or interest on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest Payment Date); and
Appears in 1 contract
Samples: Funding Loan Agreement
Application of Revenues. (a) There shall be deposited in the Credit Facility Account of the Revenue Fund all amounts paid pursuant to the Credit Facility. Moneys received from the Servicer or the Borrower from and after Conversion representing monthly payments by the Borrower in accordance with the Principal Reserve Schedule shall be deposited directly into the Principal Reserve Fund. All Revenues (other than amounts paid under the Credit Facility or received as Principal Reserve Schedule Payments) by Fiscal Agent shall be deposited by the TrusteeFiscal Agent, promptly upon receipt thereof, to the General Account of the Revenue Fund, except for each of the following:
(i) the proceeds Proceeds of the Bonds Funding Loan received by the Trustee Fiscal Agent on the Delivery Date, which shall be applied in accordance with the provisions of Section 2.11 hereof; .
(ii) as otherwise specifically provided in Section 4.03(c) hereof with respect to certain deposits Deposits into the Redemption Fund; Loan Prepayment Fund as required under subsection (c) of this Section 4.03.
(iii) the Bond Fee Component shall be deposited to the Administration Fund; (iv) as otherwise specifically provided in the second paragraph of Section 4.06 hereof with respect to deficiencies in the Administration Fund; (v) with respect to investment earnings Investment Income to the extent required under the terms hereof to be retained in the funds and accounts to which they are attributable; .
(viiv) as otherwise specifically provided in Section 4.07 hereof with respect to certain deposits into the Principal Reserve Fund; and (vii) with respect to amounts Amounts required to be transferred between funds and accounts as provided in this Article IV.
(b) On Subject to Section 2.12 hereof, on each Interest Funding Loan Payment Date or any other date on which payment of principal of or interest on the Bonds Funding Loan becomes due and payable, the TrusteeFiscal Agent, out of moneys money in the Credit Facility Account and the General Account of the Revenue Fund, shall credit the following amounts to the following funds, but in the order and within the limitations hereinafter indicated with respect thereto, as follows: FIRST: To , to the Bond Fund from moneys, if any, in the Credit Facility Account of the Revenue Loan Payment Fund, an amount equal to the principal of and interest due on the Bonds Funding Loan on such date (excluding including scheduled principal pursuant to the Funding Loan Amortization Schedule); and SECOND, to the Loan Prepayment Fund, an amount equal to the principal and interest due on the Funding Loan on such date with respect to a mandatory prepayment of all or interest a portion of the Funding Loan pursuant to Section 3.01(b) hereof (other than any extraordinary mandatory prepayment as described in Section 4.03(c)(i) or (iii) below).
(c) Promptly upon receipt, Fiscal Agent shall deposit each of the following directly into the Loan Prepayment Fund:
(i) Net Proceeds representing casualty insurance proceeds or condemnation awards paid as a prepayment of the Project Loan, such amount to be applied to provide for the extraordinary mandatory prepayment of all or a portion of the Funding Loan pursuant to Section 3.01(b)(i) hereof.
(ii) Funds paid to Fiscal Agent to be applied to the optional prepayment of all of the Funding Loan pursuant to Section 3.01(a).
(iii) Amounts transferred to the Loan Prepayment Fund from the Project Loan Fund pursuant to Section 4.02(e) hereof.
(d) Subject to Section 2.12 hereof, should the amount in the Loan Payment Fund be insufficient to pay the amount due on the Funding Loan on any Purchased Bonds and excluding the principal constituting a mandatory sinking fund redemption payment on any Bonds on such Interest given Funding Loan Payment Date), Fiscal Agent shall credit to the Loan Payment Fund the amount of such deficiency by charging the following funds and accounts in the following order of priority: (i) the Revenue Fund; andand (ii) the Loan Prepayment Fund, except no such charge to the Loan Prepayment Fund shall be made from money to be used to effect a prepayment for which notice of prepayment has been provided for hereunder.
Appears in 1 contract
Samples: Funding Loan Agreement