Common use of Delivery of Proceeds of Sale of Purchased Bonds Clause in Contracts

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered to the Tender Agent pursuant to SECTION 2.02(c), 4.01, 4.02 OR 4.04 hereof, to the extent not required to pay the Purchase Price thereof in accordance with SECTION 4.05 hereof, shall be paid to or upon the order of the Bank, to the extent required to satisfy the obligations of the Company under the Credit Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment Date. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company shall have directed the Bank to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Agreement, such Bonds shall be delivered by the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Bank; provided that any (i) premium or (ii) accrued interest in excess of amounts then due to the Bank pursuant to Paragraph 2A of the Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Sections 5.01, 4.01, 4.02 OR 4.04 5.03 or 5.04 hereof, to the extent not required to pay the Purchase Price thereof in accordance with SECTION 4.05 hereof, shall be paid to or upon the order of the Bank, to the extent tendering Bondholders and not required to satisfy reimburse the obligations of the Company Bank under the Credit Reimbursement Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment Date. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company or the Remarketing Agent shall have directed the Bank to cause the Pledged Bonds Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Pledge Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Delivery Office of the Tender Agent, and shall be paid to or upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Bank pursuant to Paragraph 2A in respect of drawings under the Letter of Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit has been reinstated in accordance with the terms of the Pledge Agreement and the Letter of Credit.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Section 5.01, 4.01, 4.02 OR 4.04 5.04 or 5.05 hereof, to the extent not required to reimburse the Bank under the Reimbursement Agreement or to pay the Purchase Price thereof in accordance with SECTION 4.05 hereofto the tendering Bondholder, shall be paid to or upon the order of the Bank, to the extent required to satisfy the obligations of the Company under the Credit Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment DateTrustee. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company or the Remarketing Agent shall have directed the Bank to cause the Pledged Bond Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Reimbursement Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Principal Corporate Trust Office of the Tender Agent and shall be paid to or upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Bank pursuant to Paragraph 2A in respect of drawings under the Letter of Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit has been reinstated in accordance with the terms of the Reimbursement Agreement and the Letter of Credit.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Sections 5.01, 4.01, 4.02 OR 4.04 5.03 or 5.04 hereof, to the extent not required to pay the Purchase Price thereof in accordance with SECTION 4.05 hereof, shall be paid to or upon the order of the Bank, to the extent tendering Bondholders and not required to satisfy reimburse the obligations Letter of Credit Bank or the Company Bank under the Letter of Credit or the Loan Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment Date. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company or the Remarketing Agent shall have directed the Bank to cause the Pledged Bonds Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Pledge Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Delivery Office of the Tender Agent, and shall be paid to the Letter of Credit Bank or the Bank upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Letter of Credit Bank pursuant to Paragraph 2A or the Bank in respect of drawings under the Letter of Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit has been reinstated in accordance with the terms of the Pledge Agreement and the Letter of Credit.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds Proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Section 5.01, 4.01, 4.02 OR 4.04 5.03 or 5.04 hereof, to the extent not required to pay reimburse the Purchase Price thereof in accordance with SECTION 4.05 hereofBank under the Reimbursement Agreement, shall be paid to or upon the order of the Bank, to the extent required to satisfy the obligations of the Company under the Credit Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment DateTrustee. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company or the Remarketing Agent shall have directed the Bank to cause the Pledged Bonds Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Pledge Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Designated Corporate Trust Office of the Tender Agent and shall be paid to or upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Bank pursuant to Paragraph 2A in respect of drawings under the Letter of Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the Company; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit has been reinstated in accordance with the terms of the Pledge Agreement and the Letter of Credit.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Sections 5.01, 4.01, 4.02 OR 4.04 5.03 or 5.04 hereof, to the extent not required to pay the Purchase Price thereof in accordance with SECTION 4.05 hereof, shall be paid to or upon the order of the Bank, to the extent tendering Bondholders and not required to satisfy reimburse the obligations of the Company Bank under the Credit Reimbursement Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment Date. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company or the Remarketing Agent shall have directed the Bank to cause the Pledged Bonds Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Pledge Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Principal Office of the Tender Agent and shall be paid to or upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Bank pursuant to Paragraph 2A in respect of drawings under the Letter of Credit Agreement received upon the sale of for such Bonds shall be delivered by the Bank to or upon the order of the Company; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit for such Bonds has been reinstated in accordance with the terms of the Pledge Agreement and such Letter of Credit.

Delivery of Proceeds of Sale of Purchased Bonds. (a) Except in the case of the sale of any Pledged Bonds, the proceeds of the sale of any Bonds delivered or deemed delivered to the Tender Agent pursuant to SECTION 2.02(c)Section 5.01, 4.01, 4.02 OR 4.04 5.03 or 5.04 hereof, to the extent not required to pay reimburse the Purchase Price thereof in accordance with SECTION 4.05 hereofBank under the Reimbursement Agreement, shall be paid to or upon the order of the Bank, to the extent required to satisfy the obligations of the Company under the Credit Agreement, and the balance, if any, shall be paid to or upon the order of the Company; provided, however, in the case of Pledged Bonds that are subsequently remarketed prior to an Interest Payment Date, the accrued interest paid by such new purchaser shall be deposited into the Remarketing Account of the Bond Fund and used to pay interest on the next Interest Payment DateTrustee. (b) In the event the Remarketing Agent shall have remarketed any Pledged Bonds and the Company Borrower or the Remarketing Agent shall have directed the Bank to cause the Pledged Bonds Custodian to deliver such Pledged Bonds (to the extent the Bank shall hold such Pledged Bonds) to the Tender Agent pursuant to Paragraph 2B of the Credit Pledge Agreement, such Bonds shall be delivered by to the Tender Agent in accordance with SECTION 4.06(b) hereof and the proceeds of sale of such Bonds shall be delivered to the Delivery Office of the Tender Agent and shall be paid to or upon the order of the Bank; provided that any (i) premium or (ii) accrued interest amounts so paid in excess of amounts then due to the Bank pursuant to Paragraph 2A in respect of drawings under the Letter of Credit Agreement received upon the sale of such Bonds shall be delivered by the Bank to or upon the order of the CompanyBorrower; provided further that Pledged Bonds shall not be delivered to the Tender Agent until the Letter of Credit has been reinstated in accordance with the terms of the Reimbursement Agreement and the Letter of Credit.