ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1 Establishment of Subaccounts 35 Section 5.2 Program Fund and Acquisition Account 36 Section 5.3 Limitation on Payment of Fiduciary and Program Expenses 37 Section 5.4 Investments 37 Section 5.5 Bond Purchase Fund 38 ARTICLE VI ADDITIONAL COVENANTS; Section 6.1 Additional Program Covenants 39 Section 6.2 2002 Series A Mortgage Loans 39 Section 6.3 Servicing Fees 42 Section 6.4 Tax Covenants and Findings 42 Section 6.5 Exercise of Option 44 Section 6.6 Maintenance of Escrow Fund 44 Section 6.7 Insufficiency of Escrow Fund 44 Section 7.1 Appointment of Tender Agent, Acceptance and Successors 45 Section 7.2 General Responsibilities of Tender Agent 45 Section 7.3 Sources of Funds for the Purchase of Tendered Bonds 46 Section 7.4 Tender Agent and Trustee 47 Section 7.5 Appointment of Remarketing Agent, Acceptance and Successors 47 Section 7.6 General Responsibilities of Remarketing Agent 48 Section 7.7 Remarketing and Sale of Tendered Bonds 49 Section 7.8 Application of Proceeds from Sale of Tendered Bonds 49 Section 7.9 Determination and Notice of Interest Rate 49 ARTICLE VIII SAVRS RATE CONVERSION Section 8.1 Application of this Article 50 Section 8.2 Conversion to SAVRS Rate Bonds 50 Section 8.3 Draw on the Liquidity Facility on the SAVRS Rate Conversion Date 51 Section 9.1 Interest Rate Contract 52 Section 9.2 Obligation to Make Interest Rate Contract Payments 52 Section 9.3 Requirements for Delivery of an Alternate Interest Rate Contract 52 Section 10.1 Approval of Investment Agreements 53 Section 10.2 Severability and Invalid Provisions 53 Section 10.3 Table of Contents and Section Headings Not Controlling 53 Section 10.4 Counterparts 53 Section 10.5 Effective Date; Execution and Delivery 53 EXHIBIT A FORM OF 2002 SERIES A-1 BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1 EXHIBIT B FORM OF 2002 SERIES A-2 BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1 EXHIBIT C FORM OF 2002 SERIES A-3 BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1 EXHIBIT D FORM OF 2002 SERIES A-4 BOND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D-1
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1. Establishment of Subaccounts 27 Section 5.2. Program Fund and Acquisition Account 27 ARTICLE VI ADDITIONAL COVENANTS Section 6.1. Mortgage Loans 29 Section 6.2. Additional Rating Notices 30 Section 6.3. Limitation on Payment of Fiduciary, Program Expenses and Servicing Fees 31 Section 6.4. Cross Calls of 2024 Series D Bonds 31 Section 6.5. Tax Covenant 31 Section 6.6. Covenant Regarding Targeted Areas 31 Section 6.7. Additional Defeasance Requirements 31 Section 7.1. Optional Tenders of 2024 Series D-2 Bonds in the Daily Mode or the Weekly Mode 33 Section 7.2. Mandatory Tender on Mode Change Dates 33 Section 7.3. Optional Tender at End of Interest Period for Term Rate Mode 34 Section 7.4. Mandatory Purchase upon Termination, Replacement or Expiration of Liquidity Facility; Mandatory Liquidity Facility Tender 34 Section 7.5. Mandatory Purchase at the Direction of the Authority 35 Section 7.6. Remarketing of 2024 Series D-2 Bonds; Notices 36
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1. Establishment of Subaccounts 25 Section 5.2. Program Fund and Acquisition Account 25 ARTICLE VI ADDITIONAL COVENANTS Section 6.1. Mortgage Loans 27 Section 6.2. Additional Rating Notices 28 Section 6.3. Limitation on Payment of Fiduciary, Program Expenses and Servicing Fees 29
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the 2018 Series C subaccount of the Acquisition Account; the 2018 Series C subaccount of the Cost of Issuance Account; the 2018 Series C subaccount of the Loan Recycling Account; the 2018 Series C subaccount of the Revenue Fund; the 2018 Series C subaccount of the Debt Service Reserve Fund; the 2018 Series C subaccount of the Class I Debt Service Fund; and the 2018 Series C subaccount of the Class I Special Redemption Account. Program Fund and Acquisition Account.
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the 2018 Series D subaccount of the Acquisition Account; the 2018 Series D subaccount of the Cost of Issuance Account; the 2018 Series D subaccount of the Loan Recycling Account; the 2018 Series D subaccount of the Revenue Fund; the 2018 Series D subaccount of the Debt Service Reserve Fund; the 2018 Series D subaccount of the Class I Debt Service Fund; the 2018 Series D subaccount of the Class I Special Redemption Account; and the 2018 Series D Refunding Account, created as a special temporary account in the Program Fund pursuant to Section 5.1(f) of the Master Indenture Program Fund and Acquisition Account. There shall be deposited into the 2018 Series D subaccount of the Acquisition Account the Mortgage Loans specified by Section 4.1 hereof and any amounts or Mortgage Loans specified in the Authority Request delivered pursuant to Section 4.3 hereof.
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the Series 2018BB subaccount of the Acquisition Account; the Series 2018BB subaccount of the Costs of Issuance Account; the Series 2018BB subaccount of the Revenue Fund; the Series 2018BB subaccount of the Class I Debt Service Fund; and the Series 2018BB subaccount of the Class I Special Redemption Account. Creation of Surplus Account. The Master Indenture was previously amended by establishing within the Revenue Fund a special trust fund known as the Surplus Account. The Surplus Account is not related to the Series 2018BB Bonds or any other Series of Bonds. Notwithstanding anything in Section 5.5(d)(iii) of the Master Indenture, following the transfers made from the Series 2018BB subaccount of the Revenue Fund pursuant to Section 5.5(d)(i) of the Master Indenture on each Interest Payment Date, the balance, if any, in such subaccount in excess of $25,000 shall be transferred to the Surplus Account, unless and to the extent otherwise provided in an Authority Request. Notwithstanding anything in Section 5.5(d)(iii) of the Master Indenture, following the transfers made from any other subaccount of the Revenue Fund pursuant to Section 5.5(d)(i) of the Master Indenture, the balance, if any, in such subaccount shall be transferred in whole or in part to the Surplus Account only upon an Authority Request. Moneys in the Surplus Account shall be paid to the Authority for any purpose free and clear of the lien and pledge of the Indenture, or shall be otherwise transferred and allocated, as may be provided in an Authority Request. Acquisition Account. There shall be paid into the Series 2018BB subaccount of the Acquisition Account an amount, and from the Account or subaccount, specified by an Authority Request. The 2018BB Second Mortgage Loans and the Mortgage Loans backing each Xxxxxx Xxx Certificate purchased with moneys in the Series 2018BB subaccount of the Acquisition Account shall meet the requirements of Section 6.7 of the Master Indenture and comply with the tax covenant of Section 6.5 hereof, provided, however, that no mortgage insurance or guaranty is required for any Second Mortgage Loan financed with proceeds of the Series 2018BB Bonds. As specified in an Authority Request, moneys in the Series 2018BB subaccount of the Acquisition Account shall be applied t...
ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1 Establishment of Subaccounts 10 Section 5.2 Creation of Surplus Account 10 Section 5.3 Acquisition Account 10
