Common use of Disposition of Bond Proceeds Clause in Contracts

Disposition of Bond Proceeds. The Issuer shall establish the Bond Fund and the Construction Fund with the Trustee in accordance with Article VI and VII of the Indenture. In accordance with the provisions of the Indenture the net proceeds of the Series 2022 Bonds shall be deposited into the Construction Fund. The moneys on deposit in the Construction Fund shall be applied by the Trustee as provided in Section 3.5 hereof and as otherwise provided in Article VII of the Indenture. Until the moneys on deposit in the Construction Fund are so applied, such moneys shall be and remain subject to the lien of the Indenture, and the Issuer and the Company shall have no right, title or interest therein except as expressly provided in this Loan Agreement and the Indenture.

Disposition of Bond Proceeds. The Issuer shall establish the Bond Fund and the Construction Fund with the Trustee in accordance with Article VI and VII of the Indenture. In accordance with the provisions of the Indenture the net proceeds of the Series 2022 Bonds shall be deposited into the appropriate accounts of the Construction Fund. The moneys on deposit in the Construction Fund shall be applied by the Trustee as provided in Section 3.5 hereof and as otherwise provided in Article VII of the Indenture. Until the moneys on deposit in the Construction Fund are so applied, such moneys shall be and remain subject to the lien of the Indenture, and the Issuer and the Company shall have no right, title or interest therein except as expressly provided in this Loan Agreement and the Indenture.

Disposition of Bond Proceeds. The Issuer shall establish the Bond Fund and the Construction Fund with the Trustee in accordance with Article VI Sections 4.01 and VII 5.01 of the Indenture. In accordance with the provisions of the Indenture (a) the net proceeds of accrued interest on the Series 2022 Bonds Bonds, if any, paid by the Purchaser shall be deposited into the Bond Fund, and (b) the balance shall be deposited into the Construction Fund. The moneys on deposit in the Construction Fund shall be applied by the Trustee as provided in Section 3.5 4.04 hereof and as otherwise provided in Article VII V of the Indenture. Until the moneys on deposit in the Construction Fund are so applied, such moneys shall be and remain the property of the Company, subject to the lien of the Indenture, and the Issuer and but the Company shall only have no such right, title or and interest therein except as is expressly provided in this Loan Agreement and the Indenture.