Common use of Credits on Loan Payments Clause in Contracts

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Indenture to the contrary, in addition to any credits on the Note resulting from the payment or prepayment of Loan Payments from other sources: (1) any moneys deposited by the Trustee or the Company in the Bond Fund as interest (including moneys received as accrued interest from the sale of Bonds and any initial deposit made from the proceeds of the sale of any Bonds) shall be credited against the obligation of the Company to pay interest on the Note as the same become due; (2) any moneys deposited by the Trustee or the Company in the Bond Fund as principal shall be credited against the obligation of the Company to pay the principal of the Note as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Fund for an optional redemption of Bonds shall be credited against the obligation of the Company to pay the principal of the Note, but shall be applied to the maturities of principal of the Note corresponding to the maturities of the Bonds to be redeemed from the proceeds of such optional prepayment; (3) the amount of any moneys transferred by the Trustee from any other fund held under the Indenture and deposited in the Bond Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Indenture to the contrary, in addition to any credits on the Note Loan resulting from the payment or prepayment of Loan Payments from other sources: (1a) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as interest (including moneys received as accrued interest from the sale of Bonds Notes and any initial deposit made from the proceeds of the sale of any Bonds) Notes shall be credited against the obligation of the Company Corporation to pay interest on the Note Loan as the same become becomes due; (2b) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as principal shall be credited against the obligation of the Company Corporation to pay the principal of the Note Loan as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Debt Service Fund for an optional the redemption of Bonds Notes shall be applied to the principal corresponding to the maturities of the Notes to be redeemed or purchased, delivered and cancelled from the proceeds of such optional deposit; (c) the principal amount of any Notes purchased by the Corporation and delivered to the Trustee, or purchased by the Trustee and cancelled, in accordance with the Indenture shall be credited against the obligation of the Company Corporation to pay principal on the principal Loan related to such Notes so purchased; provided, however, that deposit of a Note of one maturity may not be credited against a payment which would be used, in the Notenormal course, but shall be applied to retire a Note of another maturity; and (d) the investment income accruing to the maturities of principal of the Note corresponding to the maturities of the Bonds to be redeemed from the proceeds of such optional prepayment; (3) Debt Service Fund and the amount of any moneys transferred by the Trustee from any other fund held under the Indenture and deposited in the Bond Debt Service Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company Corporation to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Bond Indenture to the contrary, in addition to any credits on the Note Loan resulting from the payment or prepayment of Loan Payments from other sources: (1a) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as interest (including moneys received as accrued interest from the sale of Bonds and any initial deposit made from the proceeds of the sale of any Bonds) Bonds shall be credited against the obligation of the Company Corporation to pay interest on the Note Loan as the same become becomes due; (2b) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as principal shall be credited against the obligation of the Company Corporation to pay the principal of the Note Loan as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Debt Service Fund for an optional the redemption of Bonds shall be credited against the obligation of the Company to pay the principal of the Note, but shall be applied to the maturities of principal of the Note corresponding to the maturities of the Bonds to be redeemed or purchased, delivered and cancelled from the proceeds of such optional prepaymentdeposit; (3c) the principal amount of any Bonds purchased by the Corporation and delivered to the Bond Trustee, or purchased by the Bond Trustee and cancelled, in accordance with the Bond Indenture shall be credited against the obligation of the Corporation to pay principal on the Loan related to such Bonds so purchased; provided, however, that deposit of a Bond of one maturity may not be credited against a payment which would be used, in the normal course, to retire a Bond of another maturity; and (d) the investment income accruing to the Debt Service Fund and the amount of any moneys transferred by the Bond Trustee from any other fund held under the Bond Indenture and deposited in the Bond Debt Service Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company Corporation to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Bond Indenture to the contrary, in addition to any credits on the Note Loan resulting from the payment or prepayment of Loan Payments from other sources: (1a) any moneys deposited by the Bond Trustee or the Company Corporation in the Bond Series 2020 Debt Service Fund as interest (including moneys received as accrued interest from the sale of Bonds and any initial deposit made from the proceeds of the sale of any Bonds) shall be credited against the obligation of the Company Corporation to pay interest on the Note Loan as the same become due; (2b) any moneys deposited by the Bond Trustee or the Company Corporation in the Bond Series 2020 Debt Service Fund as principal shall be credited against the obligation of the Company Corporation to pay the principal of the Note Loan as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Series 2020 Debt Service Fund for an optional the redemption of Series 2020 Bonds shall be applied to the respective maturities of principal of the Loan corresponding to the maturities of the Series 2020 Bonds to be redeemed or purchased, delivered and cancelled from the proceeds of such optional deposit; (c) the principal amount of Series 2020 Bonds of any maturity purchased by the Corporation and delivered to the Bond Trustee, or purchased by the Bond Trustee and cancelled, shall be credited against the obligation of the Company Corporation to pay principal on the principal of the Note, but shall be applied Loan related to the maturities of principal of the Note such Series 2020 Bonds so purchased (including installment payments corresponding to mandatory sinking fund payments, if any, on the maturities of the Bonds to be redeemed from the proceeds of such optional prepayment;Series 2020 Bonds); and (3d) the amount of any moneys transferred by the Bond Trustee from any other fund held under the Bond Indenture and deposited in the Bond Series 2020 Debt Service Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company Corporation to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Bond Indenture to the contrary, in addition to any credits on the Note Loan resulting from the payment or prepayment of Loan Payments from other sources: (1a) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as interest (including moneys received as accrued interest from the sale of Bonds Bonds) and any initial deposit made from the proceeds of the sale of any Bonds) Bonds shall be credited against the obligation of the Company Corporation to pay interest on the Note Loan as the same become becomes due; (2b) any moneys deposited by the Trustee or the Company in the Bond Debt Service Fund as principal shall be credited against the obligation of the Company Corporation to pay the principal of the Note Loan as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Debt Service Fund for an optional the redemption of Bonds shall be credited against the obligation of the Company to pay the principal of the Note, but shall be applied to the maturities of principal of the Note corresponding to the maturities of the Bonds to be redeemed or purchased, delivered and cancelled from the proceeds of such optional prepaymentdeposit; (3c) the principal amount of any Bonds purchased by the Corporation and delivered to the Bond Trustee, or purchased by the Bond Trustee and cancelled, in accordance with the Bond Indenture shall be credited against the obligation of the Corporation to pay principal on the Loan related to such Bonds so purchased; provided, however, that deposit of a Bond of one maturity may not be credited against a payment which would be used, in the normal course, to retire a Bond of another maturity; and (d) the investment income accruing to the Debt Service Fund and the amount of any moneys transferred by the Bond Trustee from any other fund held under the Bond Indenture and deposited in the Bond Debt Service Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company Corporation to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.

Credits on Loan Payments. Notwithstanding any provision contained in this Loan Agreement or in the Indenture to the contrary, in addition to any credits on the Note Loan resulting from the payment or prepayment of Loan Payments from other sources: (1a) any moneys deposited by the Trustee or the Company Corporation in the Bond Debt Service Fund as interest (including moneys received as accrued interest from the sale of Bonds and any initial deposit made from the proceeds of the sale of any Bonds) shall be credited against the obligation of the Company Corporation to pay interest on the Note Loan as the same become becomes due; (2b) any moneys deposited by the Trustee or the Company Corporation in the Bond Debt Service Fund as principal shall be credited against the obligation of the Company Corporation to pay the principal of the Note Loan as the same becomes due in the order of maturity thereof, except that prepayments for purposes of making an optional deposit into the Bond Debt Service Fund for an optional the redemption of Bonds shall be credited against the obligation of the Company to pay the principal of the Note, but shall be applied to the maturities of principal of the Note corresponding to the maturities of the Bonds to be redeemed or purchased, delivered and cancelled from the proceeds of such optional prepaymentdeposit; (3c) the principal amount of any Bonds purchased by the Corporation and delivered to the Trustee, or purchased by the Trustee and cancelled, in accordance with the Indenture shall be credited against the obligation of the Corporation to pay principal on the Loan related to such Bonds so purchased; and (d) the investment income accruing to the Debt Service Fund and the amount of any moneys transferred by the Trustee from any other fund held under the Indenture and deposited in the Bond Debt Service Fund as interest or principal shall be credited as interest or principal, as the case may be, against the obligation of the Company Corporation to pay interest or principal, as the case may be, next becoming due as the same become due; (4) Company and the Guarantor shall have the right to surrender Bonds acquired by it to Trustee and all such Bonds so surrendered shall be forthwith cancelled and the principal amounts thereof upon the instructions by the Company to the Trustee shall be applied as (i) credits against mandatory sinking fund requirements pursuant to the Indenture corresponding to the maturities of the Bonds so surrendered, (ii) credits or prepayments upon the principal portion of the Loan Payments due and payable with respect to the respective maturity dates or redemption dates of such Bonds in accordance with the instructions of the Company and the terms of the Indenture, or (iii) full payment of the Note pursuant to the Loan Agreement; and any unpaid interest allocable thereto shall be applied as credits or prepayments of the interest portion of the Loan Payments next becoming due as the same becomes due; and (5) Subject to the provisions of the foregoing subparagraph (4), amounts, whether in cash held by the Trustee in the Bond Fund or in tendered Bonds, shall reduce the Loan Payments required to be made by the Company to the extent such amount is in excess of the amount required for payment of Bonds theretofore matured or called for redemption and past due interest.