Facilities Payments Clause Samples

Facilities Payments. The Company shall, and hereby agrees to, make payments under this Facilities Agreement directly to the Trustee, as assignee of the Issuer's interest in the Facilities Payments under the Indenture, for deposit in the Debt Service Fund, in immediately available funds on or before 11:00 a.m., Lafayette, Louisiana time, on each day on which any payment of principal of, premium, if any, and interest on the Bonds shall become due (whether at maturity or upon optional or mandatory redemption or acceleration or otherwise) in an amount which shall be equal to the principal of, premium, if any, and interest on the Bonds due on such day (whether at maturity or upon redemption or acceleration or otherwise); provided, that such payments shall be reduced by the following amounts: (a) The amount of accrued interest, if any, received upon the issuance of the Bonds and deposited in the Debt Service Fund and available for such purpose pursuant to the Indenture shall be credited against the next payment or payments; (b) The amount of net income or gain received and collected from the investment of moneys in the Debt Service Fund and available for such purpose pursuant to the Indenture shall be credited against the next payment or payments unless the Company shall otherwise direct in writing; (c) The amount of any excess moneys on deposit in the Debt Service Fund and available for such purpose pursuant to the Indenture shall be credited against the next payment or payments unless otherwise directed by the Company; and (d) The amount of any surplus funds in the Construction Fund that are transferred to the Debt Service Fund pursuant to the provisions of Section 3.02(f) of the Indenture. The Company further agrees that in the event of the acceleration of the maturity of the Bonds upon the occurrence of an Event of Default under the Indenture, the payment obligations of the Company hereinabove specified shall in like manner be accelerated and the Company agrees to pay to the Trustee the Facilities Payments due on the date of such acceleration; provided, however, that upon the annulment of the acceleration of the maturity of the Bonds as provided in the Indenture, the acceleration of the payment obligations of the Company hereunder shall also be annulled. Each payment by the Company pursuant to this Section, together with any amounts held in the Debt Service Fund and available for such purpose, shall in all events be sufficient to pay principal of, premium, if any, and interest o...