Disposition of Amounts after Payment of Bonds Clause Samples
The "Disposition of Amounts after Payment of Bonds" clause defines how any remaining funds are to be handled once all bond obligations have been fully satisfied. Typically, this clause specifies the order in which surplus amounts are distributed, such as returning excess funds to the issuer or allocating them to specific accounts or stakeholders. Its core function is to ensure transparency and fairness in the management of leftover funds, preventing disputes and clarifying the financial process after bond repayment is complete.
Disposition of Amounts after Payment of Bonds. Any amounts remaining in the funds created under the Indenture after payment in full of principal of and premium, if any, and interest on all the Bonds, or provision for payment thereof having been made in accordance with the provisions of the Indenture, and payment of all the fees, charges and expenses of the Authority, the Trustee, the Auction Agent, any Remarketing Agent, and the Registrar and Paying Agent and any other paying agent in accordance with the Indenture and this Participation Agreement, shall belong to and be promptly paid to the Company by the Trustee in accordance with the provisions of the Indenture.
Disposition of Amounts after Payment of Bonds. Any amounts determined by the Trustee to be remaining in the funds created under the Indenture after payment in full, or provision for payment in full, of principal of, and premium, if any, and interest on, all of the Bonds, in accordance with the provisions of the Indenture, and payment of all the fees, charges and expenses of the Authority, the Trustee, the Tender Agent, the Indexing Agent, the Remarketing Agents and the Paying Agent in accordance with the Indenture and this Participation Agreement and any amounts required to be paid to the United States of America pursuant to the Tax Regulatory Agreement, shall be paid to the Bank; provided, however, that on or after the Fixed Rate Conversion Date and solely with respect to moneys not resulting from a draw on the Letter of Credit and not constituting remarketing proceeds, such amounts that would be payable to the Bank pursuant to this Section 7.01 shall be paid to the Company if the Bank has been paid in full under the Reimbursement Agreement.
Disposition of Amounts after Payment of Bonds. 24 Section 7.02. Notices.................................................... 24 Section 7.03. Successors and Assigns..................................... 24 Section 7.04. References to the Bank..................................... 24 Section 7.05. Amendment of Participation Agreement.................................... 25 Section 7.06. Assignment by Authority.................................... 25 Section 7.07. Participation Agreement Supersedes Any Prior Agreements............................................... 25 Section 7.08. Counterparts............................................... 25 Section 7.09. Severability............................................... 25 SECTION 7.10. NEW YORK LAW TO GOVERN..................................... 26
Disposition of Amounts after Payment of Bonds. Any amounts determined by the Trustee to be remaining in the funds created under the Indenture after payment in full, or provision for payment in full, of principal of, and premium, if any, and interest on, all of the Bonds, in accordance with the provisions of the Indenture, and payment of all the fees, charges and expenses of the Authority and the Fiduciaries in accordance with the Indenture and this Participation Agreement and any amounts required to be paid to the United States of America pursuant to the Tax Regulatory Agreement, shall belong to and be paid to the Corporation.
Disposition of Amounts after Payment of Bonds. Any amounts determined by the Trustee to be remaining in the funds created under the Indenture after payment in full, or provision for payment in full, of principal of, and premium, if any, and interest on, all of the Bonds, in accordance with the provisions of the Indenture, and payment of all the fees, charges and expenses of the Authority, the Fiduciaries, the Remarketing Agents and the Indexing Agents in accordance with the Indenture and this Participation Agreement and any amounts required to be paid to the United States of America pursuant to the Tax Regulatory Agreement, shall belong to and be paid to the Company.
Disposition of Amounts after Payment of Bonds. 17 Section 7.02. Notices........................................................................................17 Section 7.03. Successors and Assigns.........................................................................17 Section 7.04. Amendment of Participation Agreement...........................................................17 Section 7.05. Assignment by Authority........................................................................17 Section 7.06. Participation Agreement Supersedes Any Prior Agreements........................................18 Section 7.07. Counterparts...................................................................................18 Section 7.08. Severability...................................................................................18 Section 7.09. Law and Place of Enforcement of this Participation Agreement...................................18 Section 7.10. The Policy.....................................................................................18 Section 7.11. Company Request to Transfer Bond Proceeds......................................................18 Section 7.12. Delegation of Duties by Authority..............................................................18 Section 7.13. Survival of Representations, Warranties and Covenants..........................................18 EXHIBIT A.......................................................................................................A-1 EXHIBIT B.......................................................................................................B-1