Disposition of Surplus Funds Sample Clauses

Disposition of Surplus Funds. 16 SECTION 3.4. Insufficient Proceeds from Series 2022 Bonds. 16 SECTION 3.5. Issuance of Series 2022 Bonds. 17
Sample 1
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Disposition of Surplus Funds. If any moneys remain in the Capital Improvements Fund (excluding moneys earned on investments made pursuant to the Indenture) after the Completion Date and after payment of all costs then due and payable, such moneys (except for amounts retained in the Capital Improvements Fund for payment of costs of the City Project incurred but not then due and payable, which amounts shall, notwithstanding anything to the contrary contained in Section 3.4 hereof, be disbursed by the City on the terms and conditions set forth in Section 3.3 hereof) shall be used to either to redeem a portion of the principal of the Series 2022 Bonds at par in the manner provided in the Indenture or if directed by the Bank and the City used to pay the principal and interest coming due on the Series 2022 Bonds on the next Interest Payment Date as provided in the Indenture. Interest earned from investments and held in the Capital Improvements Fund held by the Trustee under this Loan Agreement, is to be used by the City for the City Project and to the extent not needed for the City Project will be used by the City to pay interest on Series 2022 Bonds accrued during and following the construction of the City Project until fully utilized, and not to redeem Series 2022 Bonds.
Sample 1
Disposition of Surplus Funds. If any moneys remain in either account in the Construction Fund (including investment earnings therein) after the Term Note Date and after payment of all costs then due and payable, such moneys (except for amounts retained in the Construction Fund for payment of Costs of the Project incurred but not then due and payable) shall be used to redeem a portion of the Bonds in the manner provided in Section 2.03 herein; provided, however, that such redemption shall not require the prior written consent of the Senior Notes Trustee.
Sample 1

Related to Disposition of Surplus Funds

  • Distributions of Available Cash From Operating Surplus (a) During Subordination Period. Available Cash with respect to any Quarter within the Subordination Period that is deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or 6.5 shall, subject to Section 17-607 of the Delaware Act, be distributed as follows, except as otherwise contemplated by Section 5.6 in respect of other Partnership Securities issued pursuant thereto:

  • Distribution of Collateral Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

  • Distributions of Available Cash from Capital Surplus Available Cash that is deemed to be Capital Surplus pursuant to the provisions of Section 6.3(a) shall be distributed, unless the provisions of Section 6.3 require otherwise, to the General Partner and the Unitholders, Pro Rata, until a hypothetical holder of a Common Unit acquired on the Closing Date has received with respect to such Common Unit distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price. Available Cash that is deemed to be Capital Surplus shall then be distributed (A) to the General Partner in accordance with its Percentage Interest and (B) to all Unitholders holding Common Units, Pro Rata, a percentage equal to 100% less the General Partner’s Percentage Interest, until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage. Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with Section 6.4.

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

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