Common use of Basic Rental Payments; Draws Under Letter of Credit Clause in Contracts

Basic Rental Payments; Draws Under Letter of Credit. (a) On or before 10:00 a.m. (Birmingham, Alabama time) on each Bond Payment Date, the User shall pay to the Trustee, for the account of the Issuer, as Basic Rent for the use an occupancy of the Project, an amount equal to the principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date; provided, however, that (i) any amount already on deposit in the Bond Fund on the due date of such Basic Rental Payment and available for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against the amount of such Basic Rental Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against such Basic Rental Payment.

Basic Rental Payments; Draws Under Letter of Credit. (a) On or before 10:00 a.m. (Birmingham, Alabama time) on each Bond Payment Date, the User shall pay to the Trustee, for the account of the Issuer, as Basic Rent for the use an occupancy of the Project, an amount equal to the principal of, premium (if any) and interest Debt Service on the Bonds (other than Pledged Bonds) due and payable on such Bond Payment Date; provided, however, that (i) any amount already on deposit in the Bond Fund on the due date of such Basic Rental Payment and available for the payment of the principal of, premium (if any) and interest Debt Service on the Bonds on such Bond Payment Date shall be credited against the amount of such Basic Rental Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest Debt Service on the Bonds on such Bond Payment Date shall be credited against such Basic Rental Payment.

Basic Rental Payments; Draws Under Letter of Credit. (a) On or before 10:00 a.m. (Birmingham, Alabama time) on each Bond Payment Date, the User shall pay to the Trustee, for the account of the Issuer, as Basic Rent for the use an occupancy of the Project, an amount equal to the principal of, premium (if any) and interest on the Bonds (other than Pledged Bonds) due and payable on such Bond Payment Date; provided, however, that (i) any amount already on deposit in the Bond Fund on the due date of such Basic Rental Payment and available for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against the amount of such Basic Rental Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against such Basic Rental Payment.