Common use of Discharge of Loan Agreement Clause in Contracts

Discharge of Loan Agreement. If the Agency shall pay and discharge the indebtedness on the Loan or any portion thereof in any one or more of the following ways: (a) by well and truly paying or causing to be paid the principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof, as and when the same become due and payable; (b) by irrevocably depositing with the Trustee, in trust, at or before maturity, cash in an amount which, together with the available amounts then on deposit in any of the funds and accounts established pursuant to the Indenture or this Loan Agreement, is fully sufficient in the opinion of Bond Counsel or an Independent Accountant to pay all principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof; or (c) by irrevocably depositing with the Trustee or any other fiduciary, in trust, Defeasance Securities (as defined in the Indenture) in such amount as an Independent Accountant shall determine will, together with the interest to accrue thereon and available moneys then on deposit in the funds and accounts established pursuant to the Indenture or a Supplemental Indenture or this Loan Agreement, be fully sufficient in the opinion of Bond Counsel or any Independent Accountant to pay and discharge the indebtedness on the Loan or such portion thereof (including all principal, interest and prepayment premiums) at or before maturity; then, at the election of the Agency but only if all other amounts then due and payable hereunder shall have been paid or provision for their payment made, the pledge of and lien upon the Housing Set- Aside and other funds provided for in this Loan Agreement and all other obligations of the Trustee, the Authority and the Agency under this Loan Agreement with respect to the Loan or such portion thereof shall cease and terminate, except only the obligation of the Agency to pay or cause to be paid to the Trustee, from the amounts so deposited with the Trustee or such other fiduciary, all sums due with respect to the Loan or such portion thereof, and to pay all expenses and costs of the Trustee when and as such expenses and costs become due and payable. Notice of such election shall be filed with the Authority and the Trustee. In the case of a discharge of the entire indebtedness on the Loan, any funds thereafter held by the Trustee hereunder, which are not required for said purpose, shall be paid over to the Agency. Notwithstanding the foregoing provisions of this Section 6.03, this Loan Agreement and the obligations of the Agency hereunder shall not be discharged under this Section 6.03 unless and to the extent that the Bonds shall have been discharged in whole or in part pursuant to the provisions of Section 10.03 of the Indenture.

Discharge of Loan Agreement. If the Successor Agency shall pay and discharge the entire indebtedness or any lesser portion thereof on the Loan or any portion thereof in any one or more of the following ways: (a) by well and truly paying or causing to be paid the principal of and interest and prepayment premiums (if any) on the Loan or such any portion thereof, as and when the same become due and payable; (b) by irrevocably depositing with the TrusteeLender or any other fiduciary, in trust, at or before maturity, cash in an amount which, together with the available amounts then on deposit in any of the funds and accounts established pursuant to the Indenture or this Loan Agreement, which is fully sufficient in the opinion of Bond Counsel or an Independent Accountant to pay all principal of and interest and prepayment premiums (if any) on the Loan or such on any portion thereofthereof when due under this Loan Agreement; or (c) by irrevocably depositing with the Trustee Lender or any other fiduciary, in trust, at or before maturity, Defeasance Securities (as defined in the Indenture) in such amount as an Independent Accountant shall determine will, together with the interest to accrue thereon thereon, and together with other available moneys then on deposit in the funds and accounts established pursuant to the Indenture or a Supplemental Indenture or this Loan Agreementcash, be fully sufficient in the opinion of Bond Counsel or any Independent Accountant to pay and discharge the indebtedness on the Loan or such portion thereof (including all principal, interest principal and prepayment premiumsinterest) or on any portion thereof at or before maturity; then, at the election of the Agency but only if all other amounts then due and payable hereunder shall have been paid or provision for their payment madeSuccessor Agency, the pledge of and lien upon the Housing Set- Aside Pledged Tax Revenues and other funds provided for in this Loan Agreement and all other obligations of the Trustee, the Authority and the Successor Agency under this Loan Agreement with respect to the Loan or such any portion thereof shall cease and terminate, except only the obligation of the Successor Agency to indemnify the Lender and to pay or cause to be paid to the TrusteeLender, from the amounts so deposited with the Trustee Lender or such other fiduciary, all sums due with respect to the Loan or such any portion thereof, thereof and to pay all expenses and costs of the Trustee when and as such expenses and costs become due and payableLender. Notice of such election shall be filed with the Authority and the Trustee. In the case of a discharge of the entire indebtedness on the Loan, any funds thereafter held by the Trustee hereunder, which are not required for said purpose, shall be paid over to the Agency. Notwithstanding the foregoing provisions of this Section 6.03, this Loan Agreement and the obligations of the Agency hereunder shall not be discharged under this Section 6.03 unless and to the extent that the Bonds shall have been discharged in whole or in part pursuant to the provisions of Section 10.03 of the IndentureLender.

Discharge of Loan Agreement. If the Agency shall pay and discharge the indebtedness on the Loan or any portion thereof in any one or more of the following ways: (a) by well and truly paying or causing to be paid the principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof, as and when the same become due and payable; (b) by irrevocably depositing with the Trustee, in trust, at or before maturity, cash in an amount which, together with the available amounts then on deposit in any of the funds and accounts established pursuant to the Indenture or this Loan Agreement, in the opinion or report of an Independent Accountant is fully sufficient in the opinion of Bond Counsel or an Independent Accountant to pay all principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof; or (c) by irrevocably depositing with the Trustee or any other fiduciary, in trust, Defeasance non-callable Federal Securities (as defined in the Indenture) in such amount as an Independent Accountant shall determine will, together with the interest to accrue thereon and available moneys then on deposit in the funds and accounts established pursuant to the Indenture or a Supplemental Indenture or this Loan Agreement, be fully sufficient in the opinion of Bond Counsel or any Independent Accountant to pay and discharge the indebtedness on the Loan or such portion thereof (including all principal, interest and prepayment premiums) at or before maturity; then, at the election of the Agency but only if all other amounts then due and payable hereunder shall have been paid or provision for their payment made, the pledge of and lien upon the Housing Set- Aside Tax Revenues and other funds provided for in this Loan Agreement and all other obligations of the Trustee, the Authority and the Agency under this Loan Agreement with respect to the Loan or such portion thereof shall cease and terminate, except only the obligation of the Agency to pay or cause to be paid to the Trustee, from the amounts so deposited with the Trustee or such other fiduciary, all sums due with respect to the Loan or such portion thereof, and to pay all expenses and costs of the Trustee when and as such expenses and costs become due and payable. Notice of such election shall be filed with the Authority and the Trustee. In the case of a discharge of the entire indebtedness on the Loan, any Any funds thereafter held by the Trustee hereunder, which are not required for said purpose, shall be paid over to the Agency. Notwithstanding the foregoing provisions of this Section 6.03, this Loan Agreement and the obligations of the Agency hereunder shall not be discharged under this Section 6.03 unless and to the extent that the Bonds shall have been discharged in whole or in part pursuant to the provisions of Section 10.03 of the Indenture.

Discharge of Loan Agreement. If the Agency shall pay and discharge the indebtedness on the Loan or any portion thereof in any one or more of the following ways: (a) by well and truly paying or causing to be paid the principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof, as and when the same become due and payable; (b) by irrevocably depositing with the Trustee, in trust, at or before maturity, cash in an amount which, together with the available amounts then on deposit in any of the funds and accounts established pursuant to the Indenture or this Loan Agreement, is fully sufficient in the opinion of Bond Counsel or an Independent Accountant to pay all principal of and interest and prepayment premiums (if any) on the Loan or such portion thereof; or (c) by irrevocably depositing with the Trustee or any other fiduciary, in trust, Defeasance Securities (as defined in the Indenture) in such amount as an Independent Accountant shall determine will, together with the interest to accrue thereon and available moneys then on deposit in the funds and accounts established pursuant to the Indenture or a Supplemental Indenture or this Loan Agreement, be fully sufficient in the opinion of Bond Counsel or any Independent Accountant to pay and discharge the indebtedness on the Loan or such portion thereof (including all principal, interest and prepayment premiums) at or before maturity; then, at the election of the Agency but only if all other amounts then due and payable hereunder shall have been paid or provision for their payment made, the pledge of and lien upon the Housing Set- Aside Tax Revenues and other funds provided for in this Loan Agreement and all other obligations of the Trustee, the Authority and the Agency under this Loan Agreement with respect to the Loan or such portion thereof shall cease and terminate, except only the obligation of the Agency to pay or cause to be paid to the Trustee, from the amounts so deposited with the Trustee or such other fiduciary, all sums due with respect to the Loan or such portion thereof, and to pay all expenses and costs of the Trustee when and as such expenses and costs become due and payable. Notice of such election shall be filed with the Authority and the Trustee. In the case of a discharge of the entire indebtedness on the Loan, any funds thereafter held by the Trustee hereunder, which are not required for said purpose, shall be paid over to the Agency. Notwithstanding the foregoing provisions of this Section 6.03, this Loan Agreement and the obligations of the Agency hereunder shall not be discharged under this Section 6.03 unless and to the extent that the Bonds shall have been discharged in whole or in part pursuant to the provisions of Section 10.03 of the Indenture.