Common use of Flow of Surplus Revenues Clause in Contracts

Flow of Surplus Revenues. So long as any Qualified Obligations are Outstanding, promptly after any deposit is made to the Water System Surplus Revenue Fund in any month, the entire amount of Surplus Revenues in the Water System Surplus Revenue Fund shall be transferred in the indicated priorities to the following accounts: First, there shall be transferred to the Qualified Obligations Account the amount of Qualified Obligation Service with respect to such calendar month (to the extent not already transferred to such Account in such month), or the entire amount of surplus Revenues then available for transfer to the Qualified Obligations Account, whichever is less. Second, there shall be transferred to the WRAN Account the amount required to be transferred thereto in such month for the payment of the principal of and interest on the Notes to the extent required by the ordinances and resolutions pursuant to which such Notes are issued (to the extent not already transferred to such Account in such month), or the entire amount of Surplus Revenues then available for transfer to the WRAN Account, whichever is less. Third, all remaining Surplus Revenues shall be transferred to the Remaining Surplus Account. Moneys in the Remaining Surplus Account at any time may be used for any lawful purpose of the City, provided, that, moneys remaining on deposit in the Remaining Surplus Account at any time shall be transferred as needed, in the following order of priority:

Flow of Surplus Revenues. So long as any Qualified Obligations or Second Lien Qualified Obligations are Outstanding, promptly after any deposit is made to the Water System Surplus Revenue Fund in any month, the entire amount of Surplus Revenues in the Water System Surplus Revenue Fund shall be transferred in the indicated priorities to the following accounts: First, there shall be transferred to the Qualified Obligations Account the amount of Qualified Obligation Service with respect to such calendar month (to the extent not already transferred to such Account in such month), or the entire amount of surplus Revenues then available for transfer to the Qualified Obligations Account, whichever is less. Second, there shall be transferred to the Second Lien Qualified Obligations Account the amount required to be transferred thereto in such month for the payment of the principal of and interest on the Second Lien Qualified Obligations and Second Lien Other Bank Obligations to the extent required by the instruments pursuant to which such Second Lien Qualified Obligations are issued (to the extent not already transferred to such Account in such month), or the entire amount of Net Surplus Revenues then available for transfer to the Second Lien Qualified Obligations Account, whichever is less. Third, there shall be transferred to the WRAN Account the amount required to be transferred thereto in such month for the payment of the principal of and interest on the Notes to the extent required by the ordinances and resolutions pursuant to which such Notes are issued (to the extent not already transferred to such Account in such month), or the entire amount of Net Surplus Revenues then available for transfer to the WRAN Account, whichever is less. ThirdFourth, all remaining Net Surplus Revenues shall be transferred to the Remaining Surplus Account. Moneys in the Remaining Surplus Account at any time may be used for any lawful purpose of the City, provided, that, moneys remaining on deposit in the Remaining Surplus Account at any time shall be transferred as needed, in the following order of priority: