Common use of Interest Disbursements Clause in Contracts

Interest Disbursements. Ten (10) days prior to each of the first two (2) Interest Payment Dates, the Issuers shall deliver to the Disbursement Agent an Interest Disbursement Request, setting forth the amount required to be paid and the Interest Payment Date upon which such payment is due and payable. Subject to Section 4.1(d), on each such Interest Payment Date, the Disbursement Agent shall liquidate Cash Equivalents (to the extent required) held in the Interest Reserve Account and disburse to the Trustee the amounts described in the Interest Disbursement Request as due and payable on that date; provided, however, that the Trustee may direct in writing the Disbursement Agent to liquidate Cash Equivalents (to the extent required) and disburse to the Trustee the amounts necessary to pay the amounts required to be paid on the Notes in the event that the Issuers fail to timely deliver the Interest Disbursement Request, in which case the obligations of the Issuers under this Section 5.1 shall be deemed performed. In the event there are insufficient funds in the Interest Reserve Account to pay the amount set forth in an Interest Disbursement Request or direction so given by the Trustee, the Issuers shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit immediately available funds into the Interest Reserve Account in an amount equal to such deficiency. The Issuers acknowledge that the Issuers’ failure to provide notice or deposit funds referenced in this Section shall not in any way exonerate or diminish the Issuers’ obligation to make all payments under the Notes as and when due.

Interest Disbursements. Ten (10) days prior to each of the first two (2) Interest Payment Dates, the Issuers shall deliver to the Disbursement Agent an Interest Disbursement Request, setting forth the amount required to be paid and the Interest Payment Date upon which such payment is due and payable. Subject to the Disbursement Agent’s review and approval under Section 4.1(d4.1(e), on each such Interest Payment Date, the Disbursement Agent shall liquidate Cash Equivalents (to the extent required) held in the Interest Reserve Account and disburse to the Trustee the amounts described in the Interest Disbursement Request as due and payable on that date; provided, however, that the Trustee may direct in writing the Disbursement Agent to liquidate Cash Equivalents (to the extent required) and disburse to the Trustee the amounts necessary to pay the amounts required to be paid on the Notes in the event that the Issuers fail to timely deliver the Interest Disbursement Request, in which case the obligations of the Issuers under this Section 5.1 shall be deemed performed. In the event there are insufficient funds in the Interest Reserve Account to pay the any amount set forth in due pursuant to an Interest Disbursement Request or direction so given by the Trustee, the Issuers shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit immediately available funds in cash into the Interest Reserve Account in an amount equal to such deficiency. The Issuers acknowledge that the Issuers’ failure to provide notice or deposit funds referenced in this Section shall not in any way exonerate or diminish the Issuers’ obligation to make all payments under the Notes as and when due.

Interest Disbursements. Ten (10) days prior to each of February 15, 1997 (the first two (2) Interest Payment Dates"PAYMENT DATE"), the Issuers Company shall deliver to the Disbursement Agent an Interest Disbursement Request, setting forth Request describing the amount required to be paid paid, the paying agent appointed pursuant to the Indenture (the "PAYING AGENT") to which the Disbursement Agent should transfer funds in order to effect the payment, and the Interest Payment Date upon which such payment is due and payable. Subject to Section 4.1(d), on each such Interest On the Payment Date, the Disbursement Agent shall liquidate Cash Equivalents all of the Government Securities (to the extent required) held in the Interest Reserve Account Account, and disburse to the Trustee Paying Agent the amounts described in the Interest Disbursement Request as due and payable on that date; provided, however, that the Trustee may direct in writing the Disbursement Agent to liquidate Cash Equivalents the Government Securities (to the extent required) ), and disburse to the Trustee Paying Agent the amounts necessary to pay the amounts required to be paid on the Notes in the event that the Issuers fail Company fails to timely deliver the Interest Disbursement Request, in which case . The Company acknowledges that the obligations failure of the Issuers under this Section 5.1 shall be deemed performed. In the event there are insufficient funds in the Interest Reserve Account to pay the amount set forth in an Interest Disbursement Request or direction so given by the Trustee, the Issuers shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit immediately available funds into the Interest Reserve Account in an amount equal to such deficiency. The Issuers acknowledge that the Issuers’ failure to provide notice or deposit funds referenced in this Section to be delivered to Disbursement Agent shall not in any way exonerate or diminish the Issuers’ Company's obligation to make all payments under the Notes as and when due.

Interest Disbursements. Ten (10) days prior to each of the first two (2) Interest Payment DatesDate, the Issuers Company shall deliver to the Disbursement Agent an Interest Disbursement RequestRequest in the form of Exhibit C attached hereto, setting forth describing the amount required to be paid and the Interest Payment Date upon which such payment is due and payable. Subject to Section 4.1(d), on each such On the Interest Payment Date, the Disbursement Agent shall liquidate Cash Equivalents Government Securities (to the extent required) held in the Interest Reserve Account and disburse to the Trustee the amounts described in the Interest Disbursement Request as due and payable on that date; provided, however, that the Trustee may direct in writing the Disbursement Agent to liquidate Cash Equivalents the Government Securities (to the extent required) and disburse to the Trustee the amounts necessary to pay the amounts required to be paid on the Notes in the event that the Issuers fail Company fails to timely deliver the Interest Disbursement Request, in which case the obligations of the Issuers under this Section 5.1 shall be deemed performed. In the event there are insufficient funds in the Interest Reserve Account to pay the any amount set forth in due pursuant to an Interest Disbursement Request or direction so given by the Trustee, the Issuers Company shall, not less than three (3) Business Days prior to the applicable Interest Payment Date, deposit immediately available funds in cash into the Interest Reserve Account in an amount equal to such deficiency; provided, however, that the Trustee shall direct the Disbursement Agent to disburse an amount equal to such deficiency, or the unsatisfied portion thereof, from the Completion Reserve Account to the Interest Reserve Account one (1) Business Day prior to the applicable Interest Payment Date in the event such amounts are not timely received from the Company. The Issuers acknowledge Company acknowledges that the Issuers’ Company's failure to provide notice or deposit funds referenced in this Section shall not in any way exonerate or diminish the Issuers’ Company's obligation to make all payments under the Notes as and when due.

Interest Disbursements. Ten (10) days prior to each of the first two (2) Interest ----------------------- Payment DatesDate, the Issuers Company shall deliver to the Disbursement Agent an Interest Disbursement Request, setting forth Request describing the amount required to be paid and the Interest Payment Date upon which such payment is due and payable. Subject to Section 4.1(d), on each such On the Interest Payment Date, the Disbursement Agent shall liquidate Cash Equivalents Government Securities (to the extent required) held in the Interest Reserve Account Account, and disburse to the Trustee the amounts described in the Interest Disbursement Request as due and payable on that date; provided, however, that the Trustee may direct in writing the -------- ------- Disbursement Agent to liquidate Cash Equivalents the Government Securities (to the extent required) ), and disburse to the Trustee the amounts necessary to pay the amounts required to be paid on the Notes in the event that the Issuers fail Company fails to timely deliver the Interest Disbursement Request, in which case the obligations of the Issuers under this Section 5.1 shall be deemed performed. In the event there are insufficient funds in the Interest Reserve Account to pay the any amount set forth in due pursuant to an Interest Disbursement Request or direction so given by the Trustee, the Issuers Company shall, not less than within three (3) Business Days prior to of the applicable Interest Payment Date, deposit immediately available funds in cash into the Interest Reserve Account in an amount equal to such deficiency; provided, however, that the Trustee shall direct the Disbursement Agent to -------- ------- disburse an amount equal to such deficiency from the Completion Reserve Account to the Interest Reserve Account in the event such amounts are not received from the Company on a timely basis. The Issuers acknowledge Company acknowledges that the Issuers’ Company's failure to provide notice or deposit funds referenced in this Section shall not in any way exonerate or diminish the Issuers’ Company's obligation to make all payments under the Notes as and when due.